Tuesday, May 19, 2009
The Home Depot reports that its fiscal first-quarter profit rose 44%. The nation's largest home improvement retailer beat Wall Street's expectations despite lower sales.
Home Depot's shares were lower at midday as investors reacted to word that it was not boosting its full year earnings outlook. Rival Lowe's Cos. surpassed analysts' estimates with its first-quarter profit on Monday and raised its full-year outlook.
Adjusted profit, which excludes results from its now-closed Expo business, was 35 cents per share, down from adjusted profit of 41 cents a year earlier. Home Depot announced in January that it planned to shutter its 34 Expo Design Centers.
Analysts predicted earnings of 29 cents per share.