As the year comes to a close Americans are still stuck at home and that has led to an explosive year for Home Depot. The most recent quarter is no exception.
Third-quarter sales surged 23% and the home improvement chain beat expectations by almost any measure.
Revenue totalled
“We saw the continuation of outsized demand for home improvement projects, which has led to sales growth of more than
Sales at stores open at least a year, a key gauge of a retailer's health, climbed a stunning 24.1%, topping even the lofty projections for a 17.2% increase on
While home owners have been hunkering down, home sales have been among the bright spots economically during the pandemic. Whether buying a new home, or improving an existing one, home owners continue to head to Home Depot at a healthy pace.
The pandemic has led to a vast shift in spending patterns. At least some of the money once spent on movie tickets, travel, restaurants, amusement parks, sporting events or concerts, is coming back home. While those industries have been devastated, the housing market, and Home Depot, have grown stronger.
The
The big profit numbers arrive a day after Home Depot said it was reuniting with former subsidiary
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