Home Depot says same-store sales jumped 6.4% in first quarter
Shares of Home Depot Inc. HD, +2.51% fell 2.5% in premarket trading Tuesday, after the home improvement retailer reported a fiscal first-quarter profit that missed expectations, although revenue and same-store sales rose more than forecast. Net income for the quarter to May 5 fell to $2.25 billion, or $2.08 a share, from $2.51 billion, or $2.27 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.27. Sales rose 7.1% to $28.
same-store sales rose 7.5% compared with expectations of a 4.0% rise. The company said while sales were"strong" at the end of the first quarter and into the first two weeks of the second quarter, it is suspending its previously provided financial guidance given the uncertainties regarding the effects of the COVID-19 pandemic. Separately, Home Depot announced a regular quarterly dividend of $1.50 a share, payable June 18 to shareholders of record on June 4. The stock has gained 0.
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