Home Depot sales up 4.3 percent

Company projects year-over-year sales to grow 3.5 percent for 2010.

The Home Depot reported Q1 net earnings of $725 million, or 43 cents per diluted share, compared with $514 million, or 30 cents per diluted share, in the same period of fiscal 2009.

Sales for the first quarter totaled $16.9 billion, a 4.3 percent increase from the first quarter of fiscal 2009. Comparable store sales for the first quarter were positive 4.8 percent, and comp sales for U.S. stores were positive 3.3 percent. On an adjusted basis, which excludes the impact of sales related to the closing of the company's EXPO businesses in the first quarter of fiscal 2009, sales increased 5.7 percent.

Based on its year-to-date performance, the company updated its fiscal 2010 guidance and now expects sales to be up approximately 3.5 percent for the year.