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Home Depot outperforms in Q1

Atlanta - The Home Depot credited the recovering housing market for its better-than-expected first quarter results and boosted its guidance for the full fiscal year.
Net earnings for the quarter ended May 5 jumped 20% to $1.2 billion, or 83 cents per share. Sales rose 7.4% to $19.1 billion, with comps up 4.3% for the total company and up 4.8% for the U.S. division.
Home Depot now expects sales to be up approximately 2.8% for the fiscal year and same-store sales up 4.0%. It is projecting 17% increase in earnings per share.
At the end of the first quarter, the Company operated a total of 2,257 home centers in the U.S., the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.

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