The results came in short of expectations but the home improvement retailer said May sales were "robust" and raised its full-year earnings forecast.
Shares rose 1.9% to $77.96.
The company's sales rose 2.9% to $19.69 billion in the first quarter ending May 4, up from $19.12 billion a year ago. Analysts had expected $19.97 billion in sales, according to FactSet.
Sales at U.S. stores open at least a year increased 3.3%.
Home Depot earned $1.38 billion, or $1 per share, compared to $1.23 billion, or 83 cents per share, a year earlier.
Excluding a benefit from the sale of part of its equity ownership in HD Supply Holdings, earnings came in at 96 cents per share. Analysts expected 99 cents a share.
"The first quarter was impacted by a slow start to the spring selling season. But we had solid results in non-weather impacted markets and expect our sales for the year to grow in line with the guidance we previously provided," Home Depot CEO Frank Blake said in a statement.
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Home Depot raised its full-year earnings forecast to $4.42 per share. Its prior guidance was for earnings of $4.38 per share. The chain reaffirmed its outlook for 2014 revenue to rise by about 4.8%.
Contributing: The Associated Press
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