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.
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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.
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By GlobalData“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.
