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Home Depot overcomes slow start to spring selling season in Q1

Despite getting a slow start to the year, The Home Depot rallied in the first quarter thanks to solid results in non-weather-impacted markets.

The home improvement retailer reported first-quarter sales of $19.7 billion, up 2.9% from last year's first quarter. Comparable store sales were up 2.6%. Comp-store sales for U.S. stores were positive 3.3%.

The company also reported double-digit growth in net earnings — up 12.5% to $1.38 billion.

"The first quarter was impacted by a slow start to the spring selling season," said Frank Blake, chairman and CEO. "But we had solid results in non-weather-impacted markets and expect our sales for the year to grow in line with the guidance we previously provided."

That guidance calls for 2014 sales to but up about 4.8% from the previous year.

At the end of the first quarter, Home Depot operated a total of 2,263 stores.

 

 

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