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The company gets much of its business from
building contractors, who are vulnerable to weather-related
disruptions.
Spring is also an important time for Home Depot as households
prepare their gardens and get set for the barbecue season.
Home Depot's shares fell 2 percent to $75 before the bell.
The company's sales rose 2.9 percent to $19.69 billion in the
first quarter ended May 4. Comparable-store sales increased 2.6
percent.
Analysts on average had expected sales of $19.95 billion,
according to Thomson Reuters I/B/E/S.
Home Depot, however, maintained its sales growth forecast of 4.8
percent for the year ending January, citing "solid results" in
markets that were not affected by harsh winter weather.
The company raised its full-year earnings forecast to $4.42 per
share from $4.38 per share. The increase reflects a 4 cents per
share benefit from the sale of shares in HD Supply Holdings Inc
and Home Depot's share buybacks this year.
The company said it intended to buy back up to $3.75 billion
additional shares this year.
Home Depot's net income rose to $1.38 billion, or $1.00 per
share, in the first quarter from $1.23 billion, or 83 cents per
share, a year earlier.
Analysts on average had expected a profit of 99 cents per share.
Home Depot rival Lowe's Cos Inc <LOW.N> will report results on
Wednesday.
(Reporting by Maria Ajit Thomas in Bangalore; Editing by Kirti
Pandey)
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