Home Depot Profit Surges in First Quarter

Atlanta, GA, May 18, 2010--Home Depot reported that first quarter net income rose 41% to $725 million, or $0.43 per share, compared with $514 million, or $0.30 per share, a year ago.

Sales for the first quarter were $16.9 billion, a 4.3% increase over last year. Comparable store sales for the first quarter were up 4.8 percent.

The company boosted its fiscal 2010 guidance and now expects sales to be up approximately 3.5% for the year.

Home Depot has benefited from consumers' willingness to open their wallets for carpet installations and other discretionary projects beyond basic maintenance and repair, analysts said.

The increases were due, in part, to strong sales of seasonal items, the company said.