HD Home Depot Inc

By Kimberly Chin 

Home Depot Inc.'s sales rose in the fiscal first quarter, lifted by higher customer transactions, though same-store sales growth was weaker than analysts had expected.

The home-improvement retailer's overall sales rose 5.7% to $26.38 billion for the quarter ended May 5 from the comparable quarter a year ago. Analysts surveyed by Refinitiv expected sales of $26.22 billion.

The company said unfavorable weather in February as well as a drop in lumber prices put pressure on its underlying performance in the quarter.

Same-store sales, or comparable-store sales -- a common metric in retail based on revenue at stores open at least one year -- rose 2.5%. Analysts polled by Consensus Metrix expected a 4.3% rise. Still, customer transactions and average ticket prices rose.

Home Depot reported net income of $2.51 billion, or $2.27 a share, up from $2.4 billion, or $2.08 a share, a year earlier. Profit was lifted by higher sales and lower expenses from interest and investment income compared with the year before, Home Depot said. Analysts projected earnings of $2.20 a share.

Shares of Home Depot were flat in premarket trading on low trading volumes.

Home-improvement rival Lowe's Cos. is due to release its first-quarter report Wednesday.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

May 21, 2019 07:00 ET (11:00 GMT)

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