USA: Amazing 2nd Quarter Results at The Home Depot.

“I’ve never seen a quarter like this” analysts have said about the results posted by The Home Depot. Like for like sales are up by 25% compared to last year. It is thought the one of the main reasons behind this incredible growth is that customers are stuck at home during the coronavirus pandemic and are enjoying a “summer at home” tackling home improvement projects they have previously put off.

Net Earnings at The Home Depot are $4.3 Billion compared to $3.5 Billion and earnings per share have increased by 26.8 per cent.

The Home Depot has also announced that it will open three new distribution centres in Georgia over the next 18 months to support the growing demand for flexible delivery and pick-up options for professional and DIY customers.

In 2017, the company announced a USD 1.2 bn (EUR 1.02 bn) investment to expand its distribution network with approximately 150 new supply chain facilities nationwide, with the goal of expanding the company’s existing same-day and next-day delivery options to 90 per cent of the US population.

The company is also working to make online shopping easier. How successful The Home Depot has been in this regard is shown by the increase of more than a billion dollars in revenue from online sales in the last six months.

In the first quarter of 2020, online sales increased by as much as 80 per cent, due in part to the effects of the Covid-19 pandemic. Interestingly, 60 per cent of customers collect their online purchases from the store.