Home Depot sales spike as coronavirus spurs home-improvement projects
Home sales surging amid coronavirus
FOX Business’ Gerri Willis talks about how homes are flying off the market at a record pace and says all eyes are on this week’s real estate data releases.
Home Depot Inc. sales surged 23% in the three months through June as customers worked on their houses while sheltering at home during the COVID-19 pandemic.
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The Atlanta-based home improvement retailer reported second-quarter revenue of $38.1 billion, outpacing the $34.53 billion that analysts surveyed by Refinitiv were anticipating. Net earnings rose 23% year-over-year to $4.3 billion, or $4.02 per share, beating the $3.71 that was expected.
Comparable sales were up 23% globally and 25% in the U.S.
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“The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment,” Home Depot CEO Craig Menear said in a statement. “This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter.”
Home Depot booked 511.5 million customer transactions during the quarter, up 12.3% versus last year, as the average ticket rose to $74.12 from $67.31. Sales per square foot increased 23% to $629.38.
The company spent $480 million on additional benefits for associates during the quarter, bringing the total amount spent on enhanced pay and benefits during the COVID-19 pandemic to about $1.3 billion.
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Home Depot shares were up 32% this year through Monday, outperforming the S&P 500's 4.68% gain.
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