Building permits, a sign of future activity, also dropped, declining 2.5% to an annualized rate of 1.23 million, below views for 1.27 million.
Estimates: Earnings per share of $1.62, up 12.5%, on a 4% revenue increase to $23.759 billion.
Results: EPS of $1.67, up 16% vs. a year earlier, as revenue grew 4.9% to $23.887 billion.
Outlook: Home Depot raised its full-year EPS target to $7.15 from $7.13, citing expected stock buybacks.
As other retail stocks wilt, Home Depot and Lowe’s have stayed above the fray, buoyed by a stronger housing market that has kept people busy with home repairs, add-ons and makeovers.
Home Depot Earnings per share of $1.62, up 12.5%, on a 4% revenue
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Home Depot earnings of $1.67 while Wall Street forecasted $1.62
Home Depot posted per share earnings of $1.67 while Wall Street forecasted $1.62.
The revenue and earnings for the do it yourself retailer for the quarter topped expectations on Wall Street and it raised its profit outlook for fiscal 2017.
Sales at same stores showed a growth of 5.5% globally while they were forecast to be slightly higher than 4%.
Revenue for Home Depot ended the quarter at $23.88 billion while analysts were expecting $23.74 billion.
Home Depot announced that its comparable sales in the U.S., a metric that is monitored closely by Wall Street for stocks of retailers, climbed by 6% during its fiscal first quarter, after analysts were expecting just 4.3% growth.