ATLANTA, GA -- The Home Depot, the world's largest home improvement retailer, reported sales of $17.8 billion for the first quarter of fiscal 2012, a 5.9 percent increase from the first quarter of fiscal 2011. Comparable store sales for the first quarter of fiscal 2012 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.1 percent.
Net earnings for the first quarter were $1 billion, compared with net earnings of $812 million in the same period of fiscal 2011. For the first quarter of fiscal 2012, diluted earnings per share increased 36.0 percent from the same period in the prior year.
First quarter of fiscal 2012 results reflect a benefit to earnings, net of tax, of $43 million related to the termination of the Company's guarantee of a senior secured loan.
"We saw a stronger-than-expected start to the year, driven by record warm weather and continued demand for core products," said Frank Blake, chairman & CEO. "I would like to thank our associates for their hard work and dedication."
Updated Fiscal 2012 Guidance
Based on its year-to-date performance, the Company updated its fiscal 2012 guidance and now expects sales to be up approximately 4.6 percent for the year on a 53-week basis.