Home Depot Inc., (NYSE: HD) reported that its fiscal first-quarter net income increased 12% to $812 million, or 50 cents a share, from $725 million, or 43 cents, in the year-ago quarter. Analysts, on average, expected the company to report earnings of 49 cents per share on revenue of $17.02 billion.
"We continued to improve our business and delivered double-digit earnings growth," said Frank Blake, chairman & CEO. "Our sales declined slightly due to a slow spring selling season, but for the year we expect sales to grow in line with the guidance we previously provided. We will maintain our focus on providing great customer service and product and project values. I would like to thank our associates for their hard work and dedication."
The company confirmed that it expects fiscal 2011 sales will be up approximately 2.5 percent from fiscal 2010. Based on its year-to-date performance, the Company raised its fiscal 2011 diluted earnings-per-share guidance and now expects diluted earnings per share to be up approximately 11.4 percent to $2.24 for the year. This earnings-per-share guidance includes the benefit of the Company's year-to-date share repurchases, but excludes the impact of future share repurchases.
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