Home Depot 1Q profit rises on fewer charges

The Home Depot Inc. said Tuesday that its fiscal first-quarter profit climbed 44 percent on fewer charges, and the nation's largest home improvement retailer beat Wall Street's expectations despite lower sales.

Despite the stronger-than-expected performance, Home Depot ( HD - news - people )'s shares fell 5 percent after the retailer opted not to boost its full year outlook. Rival Lowe's Cos. ( LOW - news - people ) surpassed analysts' estimates with its first-quarter profit on Monday and boosted its full-year outlook.

Atlanta-based Home Depot earned $514 million, or 30 cents per share, for the quarter ended May 3, compared with $356 million, or 21 cents per share, a year ago.

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- Posted: 2009-05-19 09:54:58

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