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Home Depot Beats on Sales and Profit

May 17, 2016, 12:08 PM UTC
A Home Depot employee and a public relations representative demonstrate how the PayPal card works at a cashier station at a Home Depot store in Daly City
A Home Depot employee (L) and a public relations representative demonstrate how the PayPal card works at a cashier station at a Home Depot store in Daly City, California, February 21, 2012. EBay Inc, which owns PayPal, has set a public goal of 20 major retailers testing the point-of-sale, or POS, service by the end of 2012. Home Depot, the largest home improvement retailer, is running a test already and Office Depot is planning one. REUTERS/Beck Diefenbach (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY) - RTR2Y81M
Photograph by Beck Diefenbach—Reuters

Home Depot (HD), the world’s biggest home improvement chain, reported better-than-expected quarterly comparable sales and profit, saying that inconsistent weather drove demand across the board.

Shares of the company, which also raised its sales and profit forecast for the year ending January 2017, were up 2.5% at $138.75 in premarket trading on Tuesday.

Sales at Home Depot’s U.S. stores open for more than a year rose 7.4%, well above the average 4.9% average forecast of analysts surveyed by research firm Consensus Metrix.

The company’s net income increased to $1.80 billion, or $1.44 per share in the first quarter ended May 1, from $1.58 billion, or $1.21 per share, a year earlier.

Net sales rose 9% to $22.76 billion.

Analysts on average had expected earnings of $1.36 per share and revenue of $22.39 billion, according to Thomson Reuters I/B/E/S.