Home Depot 1Q results miss expectations

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Associated Press

Posted on May 20, 2014 at 8:00 AM

Updated Tuesday, May 20 at 8:02 AM

ATLANTA (AP) — Home Depot's fiscal first-quarter net income climbed 12 percent as a key sales metric improved despite a slow start to the spring selling season due to bad weather.

But both adjusted earnings and revenue came in short of Wall Street estimates.

Nonetheless, the No. 1 home improvement retailer raised its full-year earnings forecast Tuesday.

Home Depot Inc. earned $1.38 billion, or $1 per share, for the period ended May 4. That compares with $1.23 billion, or 83 cents per share, a year earlier.

Adjusted earnings amounted to 96 cents per share. Analysts expected 99 cents per share.

Revenue for the Atlanta company rose 3 percent to $19.69 billion, but missed Wall Street's estimate of $19.97 billion.

Sales at U.S. stores open at least a year increased 3.3 percent.

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