US-based home improvement retailer The Home Depot has reported a 3.8% sales growth of $1.4bn to $38.9bn in the first quarter (Q1) of the fiscal year 2022 (FY22).
For the three months to 1 May, the company’s comparable sales increased by 2.2% overall and 1.7% in the US.
The Home Depot’s operating income for Q1 was $5.9bn, up by 2.6% from FY21, while its net earnings were $4.2bn, up by 2.1% from $4.1bn year-over-year.
Its diluted earnings per share (EPS) also grew by 6.0% to $4.09, against $3.86 in Q1 2021.
The company’s gross profit also increased by 3.2% to $13.14bn in the quarter, against $12.74bn a year previous.
The Home Depot CEO and president Ted Decker said: “Fiscal 2022 is off to a strong start as we delivered the highest first-quarter sales in company history.
“The solid performance in the quarter is even more impressive as we were comparing against last year’s historic growth and faced a slower start to spring this year.
“These results are a direct reflection of our associates’ continued ability to effectively navigate a challenging and dynamic environment.
“I would like to thank them and our many partners for their hard work and dedication to our customers.”
For the full year, The Home Depot expects its total sales and comparable sales to increase by approximately 3.0%.
The company expects an operating margin of around 15.4% and its diluted EPS to increase in the mid-single digits.
The Home Depot closed Q1 with a total of 2,316 retail stores across all 50 US states, the District of Columbia, Puerto Rico, the US Virgin Islands, Guam, ten Canadian provinces and Mexico.
In March this year, the retailer reported a $19.0bn full-year sales increase to $151.2bn for FY21, up by 14.4% from a year earlier.