Home Depot associate in garden

NEWS RELEASE: THE HOME DEPOT ANNOUNCES FIRST QUARTER 2017 RESULTS

May 16, 2017

ATLANTA, May 16, 2017 -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $23.9 billion for the first quarter of fiscal 2017, a 4.9 percent increase from the first quarter of fiscal 2016. Comparable store sales for the first quarter of fiscal 2017 were positive 5.5 percent, and comp sales for U.S. stores were positive 6.0 percent.

Net earnings for the first quarter of fiscal 2017 were $2.0 billion, or $1.67 per diluted share, compared with net earnings of $1.8 billion, or $1.44 per diluted share, in the same period of fiscal 2016. For the first quarter of fiscal 2017, diluted earnings per share increased 16.0 percent from the same period in the prior year.

“We were pleased with our results as they reflected broad-based growth across our interconnected platform and all geographies,” said Craig Menear, chairman, CEO and president. “This was made possible by our hard working store associates, merchants and supply chain teams and our continued dedication to customer service.”

Updated Fiscal 2017 Guidance

Based on its year-to-date performance, the Company reaffirmed its fiscal 2017 sales growth guidance and expects sales will be up approximately 4.6 percent and comp sales will be up approximately 4.6 percent. The Company also raised its diluted earnings-per-share growth guidance for the year and now expects diluted earnings-per-share growth after anticipated share repurchases of approximately 11.0 percent from fiscal 2016 to $7.15.

The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.

At the end of the first quarter, the Company operated a total of 2,281 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

###

Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services; net sales growth; comparable store sales; effects of competition; state of the economy; state of the residential construction, housing and home improvement markets; state of the credit markets, including mortgages, home equity loans and consumer credit; demand for credit offerings; inventory and in-stock positions; implementation of store, interconnected retail, supply chain and technology initiatives; management of relationships with our suppliers and vendors; the impact and expected outcome of investigations, inquiries, claims and litigation, including those related to the 2014 data breach; issues related to the payment methods we accept; continuation of share repurchase programs; net earnings performance; earnings per share; dividend targets; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; stock-based compensation expense; commodity price inflation and deflation; the ability to issue debt on terms and at rates acceptable to us; the effect of accounting charges; the effect of adopting certain accounting standards; store openings and closures; guidance for fiscal 2017 and beyond; financial outlook; and the integration of Interline Brands, Inc. (“Interline”) into our organization and the ability to recognize the anticipated synergies and benefits of the acquisition. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control or are currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to those described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 29, 2017 and in our subsequent Quarterly Reports on Form 10-Q.

Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our periodic filings with the Securities and Exchange Commission.

For more information, contact:

Financial Community
Diane Dayhoff
Vice President of Investor Relations
770-384-2666
diane_dayhoff@homedepot.com

News Media
Stephen Holmes
Director of Corporate Communications
770-384-5075
stephen_holmes@homedepot.com

Keep up with all the latest Home Depot news! Subscribe to our bi-weekly news update and get the top Built from Scratch stories delivered straight to your inbox.

Related Stories & Articles:

Supplier Spotlight Architectural Mailboxes
Company

SUPPLIER SPOTLIGHT: KEEPING DELIVERIES SAFE WITH ARCHITECTURAL MAILBOXES

SUPPLIER SPOTLIGHT: KEEPING DELIVERIES SAFE WITH ARCHITECTURAL MAILBOXES

Read Story

World War 2 veteran associate
Company

“I WANT TO BE HERE FOREVER”: WORLD WAR II VET FINDS A HOME IN THE AISLES

“I WANT TO BE HERE FOREVER”: WORLD WAR II VET FINDS A HOME IN THE AISLES

Read Story

Supplier Spotlight
Company

Supplier Spotlight: Keeping Everything in Place with MagnoGrip

Supplier Spotlight: Keeping Everything in Place with MagnoGrip

Read Story

Human Rights Campaign Best Place to Work
Company

Home Depot Named Best Place to Work for LGBT Equality

Home Depot Named Best Place to Work for LGBT Equality

Read Story

Customer using Home Depot app in store
Company

Home Depot Named Omnichannel Retailer of the Year

Home Depot Named Omnichannel Retailer of the Year

Read Story

Home Depot associates
Company

The Home Depot Honored for Commitment to Diversity and Inclusion

The Home Depot Honored for Commitment to Diversity and Inclusion

Read Story

Supplier Spotlight
Company

SUPPLIER SPOTLIGHT: KEEPING HAPPY HOMES WITH KORKY

SUPPLIER SPOTLIGHT: KEEPING HAPPY HOMES WITH KORKY

Read Story

First Quarter 2017 Earnings Results
Company

INFOGRAPHIC: THE HOME DEPOT ANNOUNCES FIRST QUARTER 2017 RESULTS

INFOGRAPHIC: THE HOME DEPOT ANNOUNCES FIRST QUARTER 2017 RESULTS

Read Story