Dive Brief:
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Home Depot edged past expectations with its Q1 report that revenue rose to $20.89 billion, up from $19.69 billion year over year. Earnings came to $1.16 per share, a penny better than what analysts had expected.
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Same-store sales rose 6.1% for the quarter, beating the 5.7% increase that was expected.
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The retailer also raised its guidance for the year, raising its full-year sales growth forecast from 3.5% to 4.7% to 4.2% to 4.8%.
Dive Insight:
Home Depot has had a busy spring following a long and harsh winter, which battered several parts of the U.S. with heavy snowfall. Couple this with an improving housing market and economy, and we see pent-up demand for home projects help push Home Depot past expectations. This is good news for many housing businesses as the U.S. market continues to recover.
"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 CEO-president Craig Menear.