(Reuters) -Home Depot ( HD ) beat Wall Street estimates for first-quarter sales on Tuesday as the world's largest home improvement retailer enjoyed resilient demand from professional contractors and small-scale repair works by existing homeowners.
The Atlanta-based retailer has benefited from demand for tools used in do-it-yourself house projects, repair and maintenance ahead of the spring season, even as budget constraints weighed on larger home renovation activities.
Home Depot ( HD ) has also capitalized on demand from its professional customer base, including contractors, by increasing investment in its supply chain after acquiring Texas-based SRS Distribution last year.
The retail chain kept its fiscal year 2025 forecast unchanged, with a total sales growth target of 2.8%. Shares of the company were up about 2% in premarket trading.
"....We saw continued customer engagement across smaller projects and in our spring events," CEO Ted Decker said in a statement.
The company posted net sales of $39.86 billion for the quarter ended May 4, a 9% jump from last year. Analysts on average had expected an 8% rise to $39.31 billion, according to data compiled by LSEG.
(Reporting by Savyata Mishra in Bengaluru; Editing by Devika Syamnath)