Home Depot's better-than-expected earnings and revenue numbers show the consumer is spending "more and more" on their home after a harsher-than-usual winter, a leading analyst said Tuesday. (Tweet this)
Excluding one-time items, the company said Tuesday it earned an adjusted $1.16 per share. Revenue rose 6 percent to $20.89 billion. Analysts on average had expected a profit of $1.15 per share and revenue of $20.81 billion, according to Thomson Reuters.
Home Depot share prices were down less than 1 percent by midday Tuesday. (Get the latest quote here.) As of Monday's close, the stock was up nearly 9 percent this year.
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The company's 7.1 percent comparable store sales growth in the United States was particularly impressive against the backdrop of poor first quarter earnings results among other retailers, said Brian Nagel, senior equity analyst at Oppenheimer & Co.
"This is one more indication that the consumer is spending, but they're spending more and more on their home, so there's a shift in spending happening," he said on CNBC's "Squawk Box."
Nagel said both external and internal factors were at play in the first quarter. While he believes the housing market is improving, which translates into better results for Home Depot, he said the company, the world's largest home improvement chain by sales, was executing "perfectly."
The Northeast, where Home Depot has a large number of stores, experienced heavy snowfall this winter, with cities including New York and Boston hit with significant storms.