Proactive Investors - Home Depot Inc (NYSE:HD, ETR:HDI) has reported market share gains over the first quarter despite a dip in sales across the board.
Reported sales for the first three months of the year fell 2.3% to US$36.4 billion, the retailer reported on Tuesday, as global comparable sales fell 2.8% and by 3.2% in the US.
Net earnings dipped too on the back of the dip, by 7.7% to US$3.6 billion, with the figure falling to US$3.63 on a diluted per share basis.
Chair Ted Decker said the company grew market share over the quarter though, after having executed at a “high level”.
“While the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement,” he said.
Bank of America (NYSE:BAC) analysts had expected sales to decline by just 1%, signalling a stronger improvement from the 3.5% fall seen over the final quarter of last year.
Home Depot’s reiterated guidance for a 1% increase in sales over the year was in line with Bank of America’s forecast.
Approximately 12 new stores should be opened over the period, the company guided, with diluted earnings per share growing by 1% and gross margins sitting at 33.9%.
On a comparable basis, minus the year’s extra trading week, sales will likely fall by 1%, Home Depot added.
Shares climbed 0.5% in pre-market trading.