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Shares of the Atlanta company rose more than 2% before the
opening bell.
Revenue rose to $39.86 billion from $36.42 billion a year
earlier, beating the $39.3 billion that analysts polled by
FactSet expected.
Sales at stores open at least a year, a key gauge of a
retailer’s health, edged down 0.3%. In the U.S., comparable
store sales climbed 0.2%.
Wall Street anticipated a 0.1% decline in same-store sales.
Customer transactions rose 2.1% in the quarter. The amount
shoppers spent climbed to $90.71 per average ticket from $90.68
in the prior-year period.
“Our first quarter results were in line with our expectations as
we saw continued customer engagement across smaller projects and
in our spring events,” Home Depot Chair and CEO Ted Decker said
in a statement on Tuesday.
Home improvement retailers like Home Depot have been dealing
with homeowners putting off bigger projects because of increased
borrowing costs and lingering concerns about inflation.
The U.S. housing market has been in a sales slump dating back to
2022, when mortgage rates began to climb from pandemic-era lows.
Sales of previously occupied homes dropped last month as
elevated mortgage rates and rising prices discouraged home
shoppers.
Existing home sales fell 5.9% in March from February to a
seasonally adjusted annual rate of 4.02 million units, the
National Association of Realtors said. The March sales decline
was the largest monthly drop since November 2022, when sales
slid 6.7% from the previous month, and marks the slowest sales
pace for the month of March going back to 2009.
Sales of previously occupied U.S. homes fell last year to their
lowest level in nearly 30 years.
For the three months ended May 4, Home Depot Inc. earned $3.43
billion, or $3.45 per share. A year earlier the Atlanta-based
company earned $3.6 billion, or $3.63 per share.
Stripping out certain items, earnings were $3.56 per share. Wall
Street was calling for earnings of $3.60 per share.
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