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Home Depot Reports Increase in Sales During First Quarter

Home Depot Reports Increase in Sales During First Quarter

Home Depot released its first-quarter 2018 financial results May 15, reporting an increase in sales.

The company achieved $24.9 billion in sales during the quarter, for a 4.4 percent increase above the same period in 2017. By April 29, Home Depot recorded nearly 376 million customer transactions, a 1.3 percent drop from the same period in 2017.

First-quarter net earnings in fiscal 2018 were $2.4 billion, compared with net earnings of $2 billion during the first quarter in 2017, the company reports.

“We are pleased by the strength of our business despite a slow start to the spring selling season,” Craig Menear, chairman, CEO and president of Home Depot, says. “Outside of our seasonal business, we had solid results in all markets and categories and are seeing strong momentum in all lines of business during these first few weeks of May. These trends, as well as a favorable housing and macroeconomic backdrop, give us confidence to reaffirm our sales and earnings guidance for fiscal 2018.”

The company highlighted lumber, gypsum, insulation, pneumatics, wiring devices and flooring tools as being strong sellers to professional customers. The company also reported that online sales grew approximately 20 percent in the first quarter.

The company, which is headquartered in Atlanta, operates 2,285 retail stores in all 50 U.S. states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company has more than 400,000 employees.

About Todd Taber

Todd Taber
Todd is an assistant editor for Hardware Retailing magazine. An Indiana native, he graduated from Indiana University where he majored in journalism and French. Throughout his career, he has aimed to highlight small businesses and their community value. He joined NRHA in 2017 and now serves on the news and marketing teams. In his free time, he likes to run, spend time with family and travel the country.