Home 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:
The retailer also topped Wall Street's forecasts for earnings per share and revenue. Customer transactions, average ticket size and sales per retail square foot all saw double-digit growth from the same time last year.Here's what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Home Depot's profit also surged 25% to $4.33 billion, or $4.02 per share, during the fiscal second quarter ended Aug.
While the pandemic is boosting sales for Home Depot, it's also raising costs. The company spent $480 million during the quarter on additional compensation for its employees, including weekly bonuses for hourly workers, down from $640 million in the previous quarter. The company did not provide a new forecast for the remainder of fiscal 2020. Home Depot suspended its forecast in May, citing the uncertainty related to the coronavirus pandemic and its impact on the economy.
Unlike many cash-strapped companies, Home Depot will pay out a dividend to shareholders for the second quarter.
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