The results included a nonrecurring charge of $543 million due to the close of 15 stores and the removal of 50 planned stores from the pipeline. Without that charge, net earnings were $697 million.
First-quarter sales for the locally based home improvement retailer dropped 3.4% to $17.9 billion, and comp store sales were down 6.5%. The company noted that the first quarter of the previous year encompassed a 14th week, which did not occur in this opening quarter.
The average purchase price in stores fell to $57.36, a 2.8% drop from the prior-year quarter, the company reported in a conference call. Customer transactions were down 1.3%.
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