Home Depot (HD) Tops Q2 EPS by 33c, Revenues Beat
Home Depot (NYSE: HD) reported Q2 EPS of $4.02, $0.33 better than the analyst estimate of $3.69. Revenue for the quarter came in at $38.1 billion versus the consensus estimate of $34.37 billion.
"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. This enhanced our team's ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter," said Craig Menear, chairman, CEO and president. "We remain focused on continuing the momentum of our One Home Depot investment strategy that we believe will position us for continued growth over the long-term, while at the same time maintaining flexibility to navigate the demands of the current environment. Through it all, we will continue to lead with our values by doing the right thing and taking care of our people."
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. Year-to-date, the Company has spent approximately $1.3 billion on enhanced pay and benefits in response to COVID-19. Additionally, the Company's first half performance resulted in a record payout for Success Sharing, the Company's profit-sharing program for hourly associates.
"I want to thank our associates for their continued focus on serving our customers and communities as we navigate these extraordinary circumstances together," said Menear.
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