Home Depot Inc. published Tuesday its strongest quarterly sales in nearly 20 years, as the largest home improvement retailer benefited from the growing interest in household projects during the Covid-19 pandemic.
Revenue for the Atlanta-based retailer rose 23% to $ 38.05 billion in the May-July period, up from $ 30.84 billion in the same three months of 2019. Analysts surveyed by FactSet had expected revenue of $ 34. 53 billion.
The coronavirus pandemic and government incentives have helped drive traffic to retailers like Home Depot. As Americans spent more time at home during the public health crisis, many turned their attention to household projects, shifting money they would otherwise have spent on vacation, high school membership, and other activities postponed to distribution. of the virus.
“The house has never been more important to the customer,” Home Depot Chairman and Chief Executive Craig Menear said Tuesday with an analyst. “We all spend a lot of time there. We see things that need to be done or things that you want done. We see the customer doing this in a really strong way at the moment. “
Home Depot’s similar retail sales in the US – which compare sales in stores that opened more than a year ago – grew by 25% year over year. The company notched double-digit percentage increases in the number of customer transactions, the average ticket size and sales per square foot of retail space.
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