Email

Home Depot sales miss expectations

A customer wheels a cart through a Home Depot store in Washington February 20, 2012. Home Depot will report its 2011 fourth quarter earnings on Tuesday. REUTERS/Jonathan Ernst

(Reuters) – Home Depot Inc (HD.N) reported

weaker-than-expected quarterly sales as a warm winter prompted many homeowners to take up renovation

projects earlier than usual this year.

Spring is

traditionally the biggest selling season of the year for home improvement chains. But this year,

homeowners stepped out earlier to take advantage of the unseasonably warm winter weather across the

United States.

Sales at the world’s largest home improvement chain rose 5.9 percent to about

$17.81 billion in the first quarter ended on April 29, but fell short of the analysts’ average

estimate of $17.96 billion.

Still, Home Depot’s net earnings rose to $1.04 billion, or 68 cents a share,

from $812 million, or 50 cents a share, a year earlier. The results include a benefit of 3 cents a

share from the termination of its guarantee of a senior secured loan.

(Reporting by Dhanya

Skariachan in New York; Editing by Lisa Von Ahn)

Related posts

Wendy’s closing 140 more restaurants as part of push to update its locations

Cleaning tips to maintain your functional warehouse

Apple sells $46 billion worth of iPhones over the summer as AI helps end slump