Home Depot sales soar amid pandemic-related DIY increase

Home Depot sales soar amid pandemic-related DIY increase
Posted at 9:35 AM, Aug 18, 2020
and last updated 2020-08-18 10:35:29-04

Millions of people forced to work from their homes took on new projects and Home Depot is supplying a lot of the material.

At Home Depot stores open at least a year, sales surged an remarkable 25% in the U.S. during the second quarter.

Overall revenue for the Atlanta company hit $38.05 billion, far exceeding the $34.94 billion Wall Street was expecting, according to a Zacks Investment Research survey.

It easily topped last year’s revenue of $30.84 billion for the three months ended Aug. 2. Sales at stores open at least a year climbed 23.4%, globally, trailing only the massive surge in comparable-store sales in the U.S.

The overall comparable-store sales were almost twice the 12.2% increase that industry analysts had projected.

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