The Home Depot reported first quarter fiscal 2025 sales of $39.9 billion, a substantial increase of 9.4% from the same period last year. Despite this top-line growth, the company saw a slight decrease in earnings, with net profits of $3.4 billion, or $3.45 per fully diluted share, compared with $3.6 billion, or $3.63 per diluted share, in Q1 fiscal 2024.

Comparable sales, a key metric for retailers measuring performance at stores open at least a year, decreased 0.3% company-wide. However, U.S. comparable sales showed a modest 0.2% increase. Foreign exchange rates negatively impacted total company comparable sales by approximately 70 basis points.

On an adjusted basis, earnings per share were $3.56, down from $3.67 in the prior year period, representing a 3% decline.

"Our first quarter results were in line with our expectations as we saw continued customer engagement across smaller projects and in our spring events," said Ted Decker, chair, president and CEO. "We feel great about our store readiness and product assortment as spring continues to break across the country."

Home Depot plans to open approximately 13 new stores in 2025 while maintaining a gross margin of approximately 33.4% and an operating margin of approximately 13.0%.

The retail giant expects diluted earnings-per-share to decline approximately 3% from the $14.91 reported in fiscal 2024, with adjusted earnings-per-share declining approximately 2% from $15.24 last year. Capital expenditures are projected at approximately 2.5% of total sales.