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Home-improvement retailer Home Depot has recorded $39.9bn in net sales in the first quarter of the fiscal year 2025 (FY25) - a 9.4% rise from the corresponding quarter of the previous fiscal year.
The retailer experienced a slight dip in comparable sales by 0.3% over the quarter, while in the US comparable sales saw a marginal increase of 0.2%. The impact of foreign exchange rates on its total comparable sales was negative at approximately 70 basis points during the first quarter.
Home Depot's net earnings stood at $3.4bn in Q1 FY25, declining from $3.6bn recorded in the same quarter of FY24.
Diluted earnings per share (EPS) for the quarter reached $3.45, down from $3.63 reported in the first quarter of fiscal 2024.
Adjusted diluted EPS for the first quarter was $3.56, compared to $3.67 in the same period of the previous fiscal year.
Home Depot chair, president and CEO Ted Decker stated: "Our first quarter results were in line with our expectations as we saw continued customer engagement across smaller projects and in our spring events.
“We feel great about our store readiness and product assortment as spring continues to break across the country, and I would like to thank our associates for their continued hard work and dedication.”
Home Depot has maintained its financial projections for fiscal 2025, anticipating total sales growth around 2.8% and comparable sales growth close to 1%.
The company forecasts a gross margin close to 33.4% and an operating margin around 13% for the fiscal year 2025.
Diluted EPS for the full fiscal year is expected to drop 3% from $14.91 recorded in fiscal 2024, and adjusted diluted EPS is projected to decrease around 2% from $15.24 in the previous fiscal year.
The retailer plans to inaugurate 13 new stores during the year.
By the close of the first quarter, Home Depot managed a total of 2,350 retail stores along with more than 790 branches and employed 470,000 associates across its operations.
"Home Depot meets Q1 expectations and maintains FY25 forecast" was originally created and published by Retail Insight Network, a GlobalData owned brand.
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