Home Depot profit jumps 44% in Q1

The Home Depot Inc. did better than expected in the first quarter, posting net income growth of 44.4 percent as it lowered it costs.

The Atlanta-based home improvement retailer had net income of $514 million and earnings of 30 cents a share, compared with net income of $356 million and earnings of 21 cents a share in the same period of 2008.

Analysts were projecting earnings of 28 cents a share for the first quarter of 2009.

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First-quarter sales dropped 9.7 percent to $16.2 billion. The average customer ticket was down 8.2 percent to $52.67.

The results for the first quarter of 2009 include $117 million in costs related to the closing of Home Depot???s EXPO businesses. In the first quarter of 2008, the results included charges of $543 million associated with the company's store rationalization plan.

"Our markets, and the consumer in general, remain under pressure," said Frank Blake, chairman and CEO, in an earnings statement. "But we continue to make progress on improving our business as evidenced by stronger customer satisfaction ratings.???

On Monday, rival Lowe???s Cos. Inc. reported itsfirst-quarter earnings dropped 22 percent to $476 million.

At the end of the first quarter, Home Depot (NYSE: HD) operated 2,238 retail stores, including 1,973 in the United States, 178 in Canada, 75 in Mexico and 12 in China.