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Home improvement retailer The Home Depot (NYSE: HD), Atlanta, GA, reported first-quarter sales of $17.8 billion, up 5.9 percent over the same period a year ago. Profit grew 23.2 percent to $1 billion.
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Comparable store sales for the first quarter of fiscal 2012 were positive 5.8 percent, and comp sales for U.S. stores were positive 6.1 percent.
"We saw a stronger-than-expected start to the year, driven by record warm weather and continued demand for core products," CEO Frank Blake said.
First quarter of fiscal 2012 results reflect a benefit to earnings, net of tax, of $43 million related to the termination of the company's guarantee of a senior secured loan for HD Supply.
At the end of the first quarter, The Home Depot operated a total of 2,254 retail stores.