Home Depot, Inc. (HD) reported that its first-quarter of fiscal 2013 net earnings rose to $1.226 billion, or $0.83 per share, from $1.035 billion or $0.68 per share, in the same period of fiscal 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter were $19.12 billion up 7.4 percent from last year's $17.81 billion. Twenty three analysts had consensus revenue estimate of $18.68 billion for the quarter. Due to the 14th week in the fourth quarter of fiscal 2012, first quarter sales benefited from a seasonal timing change that added approximately $574 million to sales.
On a like for like basis, comparable store sales for the first quarter of fiscal 2013 were positive 4.3 percent, and comp sales for U.S. stores were positive 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.
The company raised its fiscal 2013 earnings-per-share guidance and now expects earnings per share to be up approximately 17 percent to $3.52 for the year. Previously, the company expected earnings growth after anticipated share repurchases of around 12 percent to $3.37 per share for fiscal 2013.
The company also raised its fiscal 2013 sales guidance and now expects sales to be up approximately 2.8 percent with comparable store sales up approximately 4.0 percent for the year. Earlier, the company had expected sales growth of nearly 2 percent, and comparable-store sales growth of some 3 percent for fiscal 2013.
Analysts expect the company to report earnings of $3.54 per share on revenues of $77.01 billion for fiscal 2013.
The company's fiscal 2013 sales and earnings-per-share guidance is based on a 52-week year compared to fiscal 2012, a 53-week year.
The company said that its earnings-per-share guidance includes the benefit of its year-to-date share repurchases and intent to repurchase $4.4 billion in additional shares over the remainder of the year, which will bring the total dollar amount of shares repurchased to $6.5 billion for the year.
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