The Home Depot Q1 sales grow 6.1 percent year over year
Raises fiscal 2015 guidance to estimate 4.8 growth for year.
The Home Depot today reported sales of $20.9 billion for the first quarter of fiscal 2015, a 6.1 percent increase from the first quarter of fiscal 2014.
Comparable store sales for the first quarter of fiscal 2015 were positive 6.1 percent, and comp sales for U.S. stores were positive 7.1 percent.
Net earnings for the first quarter of fiscal 2015 were $1.6 billion, or $1.21 per diluted share, compared with net earnings of $1.4 billion, or $1.00 per diluted share, in the same period of fiscal 2014. For the first quarter of fiscal 2015, diluted earnings per share increased 21.0 percent from the same period in the prior year.
First quarter of fiscal 2015 results reflect a benefit to earnings of $71 million, or $0.05 per diluted share, primarily attributable to the settlement of a tax audit.
"We had a stronger than expected start to the year as we experienced a more normal spring across much of the country and continued recovery of the U.S. housing market," said Craig Menear, chairman, CEO and president. "I would like to thank our associates for their hard work and dedication."
Updated Fiscal 2015 Guidance
The Company has provided a range of sales, comp sales and diluted earnings-per-share growth to reflect the difference between 2014 average exchange rates and current exchange rates. The low-end of the Company's sales, comp sales and diluted earnings-per-share growth guidance reflects the U.S. dollar remaining at current foreign exchange rates.
Based on its year-to-date performance, the Company raised its fiscal 2015 sales guidance and now expects sales will be up approximately 4.2 percent to 4.8 percent and comp sales will be up approximately 4.0 percent to 4.6 percent. The Company also raised its diluted earnings-per-share guidance for the year and now expects diluted earnings per share to grow approximately 11 to 12 percent from fiscal 2014 to $5.24 to $5.27.
This earnings-per-share guidance includes the benefit of a favorable settlement of a tax audit, the Company's year-to-date share repurchases and the Company's intent to repurchase $3.4 billion in additional shares over the remainder of the fiscal year.
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