Home Depot Posts Larger 2Q Profit as Revenue Grows Amid Pandemic
August 18 2020 - 6:48AM
Dow Jones News
By Matt Grossman
Home Depot Inc. on Tuesday reported a higher second-quarter
profit as the coronavirus pandemic lockdowns turned consumers'
attention to their homes.
The Atlanta-based retailer reported year-over-year increases in
customer transactions, average ticket size and sales per square
foot, surpassing analysts' forecasts for net income and
revenue.
Home Depot posted a second-quarter profit of $4.33 billion, or
$4.02 a share, compared with a profit of $3.48 billion, or $3.17 a
share, in the same three-month period a year earlier.
Analysts surveyed by FactSet anticipated earnings per share of
$3.64.
Home Depot's quarterly revenue was $38.05 billion, up from
$30.84 billion in the second quarter of 2019. Analysts had forecast
revenue of $34.53 billion.
In the quarter, Home Depot recorded additional employee benefits
of about $480 million, bringing the total it has spent on enhanced
pay and benefits during the Covid-19 pandemic to $1.3 billion.
Comparable-store sales grew 23% year over year, and by 25% in
the U.S.
The company's board of directors declared a dividend of $1.50 a
share, payable Sept. 17.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
August 18, 2020 06:33 ET (10:33 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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