Posted May 17, 2011
Home Depot sales fall
The Home Depot reported sales for the first quarter totaled $16.8 billion, a 0.2 percent decrease from the first quarter of fiscal 2010.
Comparable store sales for the first quarter were negative 0.6 percent, and comp sales for U.S. stores were negative 0.7 percent.
First quarter net earnings were $812 million, or 50 cents per diluted share, compared with $725 million, or 43 cents per diluted share, in the same period of fiscal 2010.
"We continued to improve our business and delivered double-digit earnings growth," said Frank Blake, chairman and CEO. "Our sales declined slightly due to a slow spring selling season, but for the year we expect sales to grow in line with the guidance we previously provided. We will maintain our focus on providing great customer service and product and project values. I would like to thank our associates for their hard work and dedication."
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