Home Depot Inc reported its biggest rise in quarterly same-store sales in at least two decades on Tuesday as demand for paint, tools and lawn mowers surged from consumers stuck at home due to the COVID-19 pandemic.
) reported its biggest rise in quarterly same-store sales in at least two decades on Tuesday as demand for paint, tools and lawn mowers surged from consumers stuck at home due to the COVID-19 pandemic.
The company’s same-store sales jumped 23.4% in the second quarter, surging past analysts’ average estimate of a 10.5% rise, as the home improvement chain emerged as one of the corporate winners during the pandemic. “These are record comparable sales - it’s really tough to sustain that,” Wedbush Securities analyst Seth Basham said. “We will see a slowdown in the back half of the year - the question is the degree to which the slowdown occurs.”
People spending more time on do-it-yourself home projects such as painting and gardening pushed Home Depot’s overall sales up 23.4% to a record $38.05 billion in the quarter ended Aug. 2.The company spent about $480 million in additional benefits, including weekly bonuses and overtime, to compensate workers required to work in stores and warehouses amid the health crisis.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home Depot quarterly sales soar 23% as consumers take on more DIY projects in pandemicHome Depot’s Q2 results beat Wall Street estimates: -EPS: $4.02 vs. $3.71 expected -Revenue: $38.05 billion vs. $34.53 billion expected FrankCNBC has more on the company’s strong quarter and the home improvement craze:
Read more »
Lowe's seen gaining on Home Depot in lockdown DIY boomLowe's Co Inc is expected to edge past rival Home Depot with what could be its biggest growth in quarterly same-store sales in at least a decade, benefiting from its exposure to customers ready to splurge on do-it-yourself home renovations.
Read more »
Stocks making the biggest moves in the premarket: Sanofi, Barrick Gold, Nvidia, Home Depot & moreThe stocks making the biggest moves in premarket trading include
Read more »
Stocks making the biggest moves midday: Barrick Gold, Tesla, Teladoc, Home Depot & moreBarrick Gold gets a boost after Berkshire Hathaway discloses a stake in the company. Teladoc jumped on a Credit Suisse upgrade.
Read more »
Renovation boom to drive record growth at Home Depot, Lowes, BofA says - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Panasonic tiny DIY customizable cubicle for working from home - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »