House Depot on Tuesday reported that its quarterly gross sales soared 23% as customers caught in the home throughout the coronavirus pandemic tackl
House Depot on Tuesday reported that its quarterly gross sales soared 23% as customers caught in the home throughout the coronavirus pandemic tackled residence enchancment tasks.
Shares of the corporate rose 2.6% in premarket buying and selling.
Here is what the corporate reported for the fiscal second quarter in contrast with what Wall Road was anticipating, based mostly on a survey of analysts by Refinitiv:
- EPS: $4.02 vs. $3.71 anticipated
- Income: $38.05 billion vs. $34.53 billion anticipated
House Depot’s revenue additionally surged 25% to $4.33 billion, or $4.02 per share, throughout the fiscal second quarter ended Aug. 2, up from $3.48 billion, or $3.17 per share, a yr earlier. Analysts surveyed by Refinitiv have been anticipating earnings per share of $3.71.
Internet gross sales rose 23.4% to $38.05 billion, topping expectations of $34.53 billion. Its U.S. same-store gross sales soared 25% within the quarter as customers visited the retailer extra and spent extra money. Common ticket rose 10.1% in comparison with the identical time final yr.
Whereas the pandemic is boosting gross sales for House Depot, it is also elevating prices. The corporate spent $480 million throughout the quarter on extra compensation for its workers, together with weekly bonuses for hourly staff, down from $640 million within the earlier quarter.
The corporate didn’t present a brand new forecast for the rest of fiscal 2020. House Depot suspended its forecast in Could, citing the uncertainty associated to the coronavirus pandemic and its influence on the economic system.
In contrast to many cash-strapped corporations, House Depot can pay out a dividend to shareholders for the second quarter.
This story is creating. Please examine again for updates.