Home Depot (NYSE: HD) shares are lower Tuesday morning following first-quarter numbers and an outlook which came in shy of views. Warm weather meant less buying of goods stocked up for colder weather, though some of those missed sales were likely picked-up in other areas of the stores.

Revenue at the home goods giant rose 5.9 percent to $17.81 billion, with a 5.8 percent increase in comparable-store sales. U.S. comps rose 6.1 percent. Net income increased 27.5 percent to $1.04 billion, or 68 cents per share. Adjusting for a one-time tax benefit, earnings were 65 cents per share.

The Street was looking for revenue of 17.93 billion and EPS of 65 cents.

Transactions rose 3.9 percent with a 2.2 percent bump in ticket size.

Home Depot generated $1.19 billion of cash in the period.

Looking ahead, Home Depot boosted its fiscal 2012 earnings outlook from $2.79 previously to $2.87, excluding the one-time benefit. The Street is modeling EPS of $2.91.

Shares are down less than 3 percent on the session.

Earnings