Updated from 8:08 a.m. EDT
continued to march through the recession in the first quarter, racking up a 35% jump in earnings and maintaining its blistering pace of expansion. The home-improvement chain's revenue rose about 17%, although it was somewhat shy of analysts' expectations.
The Atlanta-based home-improvement chain said it earned $856 million, or 36 cents a share, in the quarter compared with $632 million, or 27 cents a share, a year ago. Sales rose 17% to $14.3 billion and same-store sales increased 5%. Analysts polled by First Call had been expecting earnings of 33 cents on revenue of $14.7 billion. Analysts polled by Multex had a slightly lower revenue prediction.
Home Depot's shares moved up on Monday in tandem with fellow home-products retailer
, adding 41 cents to $48.50. They were trading up about 1% in the Instinet premarket at $48.85 Tuesday.
The company also affirmed the current consensus earnings estimate of 47 cents a share for the second quarter.
Home Depot opened 57 stores in the first quarter, bringing its total count to 1386, and said it added 234 stores to its program offering special services to professional customers, bringing the total number of stores in the initiative to 769.
Elsewhere in the retail space
said it earned $94 million, or 20 cents a share, in the first quarter ended May 4, up from $39.5 million, or 9 cents a share, last year. Excluding a one-time tax benefit, the company earned $65 million, or 14 a share, in the latest quarter. Analysts surveyed by First Call were predicting earnings of 11 cents a share.