The Home Depot’s overall and comparable U.S. store sales were up in the first quarter, boosting the company’s expectations for sales growth for all of 2016.
The numbers reflect “our stronger than expected start to the year,” Craig Menear, CEO, president and chairman, says.
The company’s total first-quarter sales were $22.8 billion, reflecting a 9 percent increase from the same period in 2015, and comparable store sales were up 7.4 percent in the U.S.
“This was made possible by our hard working associates and their continued dedication to our customers in a quarter marked by week-to-week demand spikes caused by weather variability,” Menear says.
At the beginning of the year, Home Depot predicted 2016 sales growth of 5.1 to 6 percent and comparable-store sales growth of 3.7 to 4.5 percent. The company now expects sales growth of approximately 6.3 percent for the year, and comparable-store sales to be up about 4.9 percent.
Home Depot has maintained a growth trajectory, reporting overall sales growth for all of 2015.
At the end of 2015, the Atlanta-based company operated a total of 2,274 retail stores in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, 10 Canadian provinces and Mexico.