Housing Recovery Drives Home Depot’s Increased Sales in First Quarter

Home Depot reported sales of $19.1 billion for the first quarter of fiscal 2013, a 7.4 percent increase from the first quarter of fiscal 2012, brought about largely due to the recovering housing market and despite a colder than average spring.

On a like for like basis, comparable store sales for the first quarter of fiscal 2013 were up 4.3 percent, and comp sales for U.S. stores were up 4.8 percent.

“In the first quarter, we saw less favorable weather compared to last year, but we continue to see benefit from a recovering housing market that drove a stronger-than-expected start to the year for our business,” said Frank Blake, chairman & CEO.

Home Depot also raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8 percent with comparable store sales up approximately 4 percent for the year.

At the end of the first quarter, Home Depot operated 2,257 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.