Home Depot Sales Beat Expectations

Home Depot (Atlanta) announced its first-quarter earnings, which included a 14-percent rise in net earnings at $1.7 billion. Net sales increased 9 percent (up to $22.8 billion) with same-store sales up 6.5 percent. The retailer’s profit and sales numbers were higher than Wall Street expectations.

The retailer also revealed that sales per square foot were up 6.5 percent (to $376.73). Additionally, the average Home Depot shopper’s spending increased 2.4 percent for the quarter, up to $60.03.

Consequently, the retailer is projecting better performance for the year. It now expects revenue to increase 6.3 percent and same-store sales to rise 4.9 percent over the year, reports USA Today.