Home Depot’s profits rise despite lower sales
Written on May 20, 2009
ATLANTA – Home Depot says fiscal first-quarter profit climbed 44 per cent on fewer charges.
The largest home improvement retailer in the U.S. beat Wall Street's expectations despite lower sales.
The Atlanta-based company earned $514 million (dollar figures U.S.), or 30 cents per share, for the quarter ended May 3, compared with $356 million, or 21 cents per share, a year ago.
Adjusted profit, which excludes results from its now closed Expo business, was 35 cents per share paydayloans.com.
Analysts predicted earnings of 29 cents per share.
Prior-year results included $543 million in charges.
Sales dropped 10 per cent to $16.18 billion but still beat analysts' forecast of $15.86 billion.
Home Depot Inc. reiterated its guidance for a 7 per cent drop in full-year earnings from continuing operations.
Filed in: economics.