Home Depot’s first-quarter earnings increase substantially

In the first quarter of the current year (end: 2 May 2004), Home Depot increased its sales by 16 per cent over the same period last year to US$ 17.6 bn (€ 14.6 bn). Comparable store sales rose by 7.7 per cent. Net earnings were up by 26 per cent to US$ 1.1 bn (€ 900 mio). The company is predicting sales growth of ten to twelve per cent for the year as a whole.
Between February and April the global market leader opened 33 new home improvement stores in Canada, Mexico and the USA, increasing the total number of stores to 1,740. Commenting on the quarterly statement, Home Depot confirmed its intention of continuing with its expansion strategy in the professional segment of the business. According to data released, this segment recorded a high growth rate in double figures. The company also points out that both the number of customer transactions (up 6.8 per cent) and the average till receipt (up 7.4 per cent to US$ 55.11, € 45.89) have risen.