By 
Retail giant The Home Depot has upgraded its guidance for the year, following the growth recorded in the first quarter of the year.
Source: Home Depot
HD is up 3.60% premarket, while TMFE closed down 0.83%.
First-quarter net earnings stood at $4.231 billion, marking a 2.1% growth from $4.145 billion the previous year. Diluted earnings per share increased by 6.0% to $4.09 from $3.86 in the same quarter in 2021.
Net sales grew 3.8% to $38.908 billion, while the cost of sales increased by 4.1% to $25.763 billion, bringing the gross profit to $13.145 billion. This is 3.2% higher than the $12.742 billion in the previous year.
Home Depot has raised its total sales and comparable sales growth guidance to 3.0% and operating margin of 15.4%. The net interest expense is seen at $1.6 billion, and diluted earnings-per-share-percent growth guidance is at mid-single digits.
Chief Executive Officer Ted Decker welcomed the latest performance, noting that the growth came even with the historic growth recorded in the same quarter last year. The latest earnings were the highest first-quarter sales in the company’s history.
The company closed the first quarter with 2,316 retail stores across the US, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, Canada, and Mexico.
Comments