Atlanta – Severe weather dampened net income and sales growth at The Home Depot during the first quarter of fiscal 2014, causing increases in those figures to fall short of Wall Street estimates. Net income improved 17% to $1.4 billion from $1.2 billion.
Total sales for the first quarter of fiscal 2014 were $19.7 billion, a 2.9% increase from $19.2 billion in the first quarter of fiscal 2013. Same-store sales for the first quarter of fiscal 2014 were up 2.6%. Frank Blake, chairman and CEO of Home Depot, cited the negative impact of the weather on growth in the quarter, especially on early spring sales.
"The first quarter was impacted by a slow start to the spring selling season,” said Blake. “But we had solid results in non-weather impacted markets and expect our sales for the year to grow in line with the guidance we previously provided," said Blake. "I would like to thank our associates for their hard work and dedication."
The company reaffirmed that it expects fiscal 2014 sales will be up approximately 4.8% from fiscal 2013.