By Matt Grossman

Home Depot Inc. Tuesday logged a larger third-quarter profit and higher revenue as continued home-improvement demand during the Covid-19 pandemic pushed sales metrics higher.

The Atlanta-based home-improvement retailer logged a third-quarter profit of $3.43 billion, or $3.18 a share, compared with a profit of $2.77 billion, or $2.53 a share, in the same three-month period a year earlier.

Analysts surveyed by FactSet had estimated the company's profit would be $3.13 a share.

Home Depot's revenue rose 23.2% to $33.54 billion. Analysts were forecasting revenue of $31.83 billion.

Comparable sales grew by 24.1%, and by 24.6% in the U.S., as the high demand that set in during the coronavirus pandemic was sustained, Chief Executive Craig Menear said.

The number of customer transactions rose 13% to 453.2 million. Average ticket size grew 10% to $72.98. Sales per retail square foot improved 23.1% to $552.85.

Home Depot will permanently increase wages for front-line hourly workers, the company said, which will result in about $1 billion in additional annual compensation. The company had given some enhanced compensation to workers during the coronavirus pandemic on a temporary basis.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

11-17-20 0636ET