The Home Depot sales grow 5.7 percent YOY in Q1
Company predicts 3.3 percent sales growth in 2019.
The Home Depot today reported sales of $26.4 billion for the first quarter of fiscal 2019, a 5.7 percent increase from the first quarter of fiscal 2018. Comparable sales for the first quarter of fiscal 2019 were positive 2.5 percent, and comparable sales in the U.S. were positive 3.0 percent.
In the first quarter, the difference between the Company's sales growth and comparable sales performance reflects a shift in the calendar base due to 53 weeks of sales in fiscal 2018.
Net earnings for the first quarter of fiscal 2019 were $2.5 billion, or $2.27 per diluted share, compared with net earnings of $2.4 billion, or $2.08 per diluted share, in the same period of fiscal 2018. For the first quarter of fiscal 2019, diluted earnings per share increased 9.1 percent from the same period in the prior year.
"We were pleased with the underlying performance of the core business despite unfavorable weather in February and significant deflation in lumber prices compared to a year ago," said Craig Menear, chairman, CEO and president.
"Looking ahead, we remain excited about the momentum we are seeing with our strategic investments. As a result of these initiatives, and the current macroeconomic and housing backdrop, today we are reaffirming our sales and earnings guidance for fiscal 2019. I would like to thank our associates for their hard work and continued dedication to our customers."
Fiscal 2019 Guidance
The Company reaffirmed its guidance for fiscal 2019, a 52-week year compared to fiscal 2018, a 53-week year. The Company expects its fiscal 2019 sales to grow by approximately 3.3 percent and comp sales for the comparable 52-week period to be up approximately 5.0 percent. The Company also reaffirmed its diluted earnings-per-share growth guidance for the year and expects diluted earnings-per-share growth of approximately 3.1 percent from fiscal 2018 to $10.03.
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