Home Depot 1Q misses expectations
ATLANTA – Home Depot’s fiscal first-quarter net income climbed 12 percent, helped by better sales, but results fell short of expectations as a cold and rainy spring hurt results.
The company said May sales were “robust” and the No. 1 home improvement retailer raised its full-year earnings forecast. Shares rose almost 2 percent in morning trading.
Spring is the biggest season for home improvement retailers as homeowners and others work on their yards and gardens.
Meanwhile, the U.S. housing market has emerged from a deep slump, aided by rising home prices, steady job growth and fewer troubled loans dating back to the housing-bubble days. While the housing market has recently struggled to maintain that momentum, many home owners are spending more to renovate their homes.