(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)
