We are maintaining our 12-month target price at $288. * Sales increased 10.3% to $23.1 billion. Sales were just above our estimate of $23.02 billion and the StreetAccount consensus, which was $23.0 billion. Comparable sales rose 0.6% in 1Q, which matched the consensus call for a 0.6% increase, according to StreetAccount. The company said that sales to Professional customers were positive in 1Q. * The company said that core Pro customers indicated their backlogs are “generally stable,” but they are concerned about the increasing cost of skilled labor which is in short supply. * In the 1Q conference call Mr. Ellison said, “While DIY demand remains under pressure, we’re continuing to grow market share in a challenging housing environment shaped by elevated interest rates, higher cost, and low housing turnover.