Home Depot (NYSE:HD) reported that same-store sales in the United States were up 7.1 percent in the first quarter, surpassing Wall Street's expectations and raising sales projections for 2015.
While some retail industries have been struggling, home improvement stores have been doing well as homeowners seemingly become more confident and start to spend again in the wake of the recession. In fact, same-store sales in the United States were up for the past three quarters at both Home Depot and Lowe's, reported the Associated Press.
Data released by the Commerce Department confirms that the housing market has increased at a pace not seen since the start of the recession.
"We had a stronger than expected start to the year as we experienced a more normal spring across much of the country and continued recovery of the U.S. housing market," Home Depot Chairman and CEO Craig Menear told the Associated Press.
In total, Home Depot earned $1.58 billion in the quarter, up from $1.38 billion in 2014. Predictions for the year include an 11 percent to 12 percent rise in earnings and revenue growth between 4.2 percent and 4.8 percent. Home Depot's sales grew 36 percent last year, by more than $1 billion.
Earlier this year, Moody's Investors Service named Home Depot as one of its fastest-growing retailers. However, the company is still dealing with the $7 million costs associated with September's data breach, which may impact future quarters.
-See this Associated Press article
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