Home Depot's 1Q net income rises, boosts outlook

By the Associated Press | May 17, 2011 | 6:27 AM EDT

ATLANTA (AP) — Home Depot Inc.'s fiscal first-quarter net income rose 12 percent even as a slow start to the spring selling season pushed revenue lower.

The country's biggest home improvement retailer also increased its full-year earnings forecast on Tuesday.

Home Depot earned $812 million, or 50 cents per share, for the period ended May 1, up from $725 million, or 43 cents per share, a year ago.

This beat the 49 cents per share analysts expected.

Revenue slipped 0.2 percent to $16.82 billion, missing Wall Street's $17.06 billion.

Home Depot, based in Atlanta, now expects fiscal 2011 earnings per share of $2.24, up from $2.20.

Wall Street predicts earnings of $2.30 per share.

On Monday Lowe's Cos. reported its first-quarter profit and revenue fell, hindered by bad weather.