Home Depot: profit rises on 'outsized demand'
(CercleFinance.com) - Home Depot reported a 24% rise in third-quarter earnings on impressive sales trends, as the pandemic did not seem to affect the continuation of "outsized demand" for home improvement projects.
Net earnings rose to 3.4 billion dollars, or 3.18 dollars per share, in the third quarter ended 1 November, from 2.8 billion dollars, or 2.53 dollars per share, a year earlier.
The largest US home improvement chain said that net sales rose 23% to 33.5 billion dollars, above the consensus of 32 billion dollars, with sales at stores open for more than a year up over 24%.
"The third quarter was another exceptional quarter," said its chairman and CEO Craig Menear.
The Atlanta-based company cited its capacity to adapt to a "high-demand environment," and said it will invest approximately one billion dollars to increase its employee's compensation on an annualized basis.
Copyright (c) 2020 CercleFinance.com. All rights reserved.