Home improvement retailer Home Depot had first quarter 2010 fiscal net earnings of $725 million, compared to $514 million for the 1Q 2009.
Sales for the first quarter were $16.9 billion, up 4.3% from the first quarter of fiscal 2009. Comparable store sales for the first quarter were up 4.8%, and comp sales for U.S. stores were up 3.3%. On an adjusted basis (excluding the impact of closing the EXPO businesses in 1Q 2009), sales increased 5.7%.
Based on its year-to-date performance, Home Depot updated its fiscal 2010 guidance and now expects sales to be up about 3.5% for the year.
At the end of the first quarter, Home Depot had 2244 retail stores in operation, including 1976 Home Depot stores in the United States, 179 stores in Canada, 79 in Mexico, and 10 in China.
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