The company, based in Atlanta, said that comparable sales were up 7.9%, which topped an expected 5.5% increase. The stronger than anticipated results followed a breach in cyber security last year where hackers stole more than 53 million emails and over 56 million debit and credit card details.
Home Depot posted profits that reached $1.4 billion equal to $1.05 per share, for the three months through January 31, in comparison to $1 billion equal to 73 cents per share for the same period one year ago.
Sales were up 8% to end the quarter at $19.2 billion. Wall Street analysts forecasted earnings to be 89 cents per share on $18.7 billion in sales.
Earnings guidance for 2015 at Home Depot is between $5.11 and $5.17 per share, which is lower than the forecasts on Wall Street of $5.23 per share.
Home Depot reported an increase of 26% in a quarterly dividend, which will now be 59 cents per share and authorized a share buyback program of $18 billion.
Shares of Home Depot have increased by 48% over the past 12 months and gained 3% on Tuesday after the news of its quarterly results.
Shares of Toll Brothers a luxury homemaker were up 5% after the business reported first quarter financial sales and earnings that beat Wall Street.
Toll Brothers profits were $81.3 million equal to 44 cents per share with sales of $853.4 million. Wall Street analysts were expecting earnings to be 28 cents per share and sales reaching $777.7 million. In the three month period through January 31, Toll Brothers delivered 1,091 new homes.