Merchandising

Home Depot beats profit expectations

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August 18, 2020

Home Depot's sales spike of 23.4% in its fiscal second quarter beat analyst expectations by a healthy margin.

Net income hit $4.22 billion, up from $3.48 billion compared to a year ago, according to a Market Watch report. Sales jumped to $38.05 billion compared to last year comparable of $30.84 billion, and same-store sales increased 23.4%.

"The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment," CEO Craig Menear said during the earnings report, according to MarketWatch. "In the second quarter, the company invested approximately $480 million in additional benefits for associates, including weekly bonuses for hourly associates in stores and distribution centers."