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Home Depot quarterly sales soar 23% as consumers take on more DIY projects in pandemic

People wear protective face masks outside Home Depot in the Flatiron district as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 8, 2020 in New York City.

Noam Galai | Getty Images

Home Depot on Tuesday reported that its quarterly sales soared 23% as consumers stuck in the house during the coronavirus pandemic tackled home improvement projects.

Shares of the company rose 2.6% in premarket trading.

Here’s what the company reported for the fiscal second quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • EPS: $4.02 vs. $3.71 expected
  • Revenue: $38.05 billion vs. $34.53 billion expected

Home Depot reported fiscal second-quarter net income of $4.33 billion, or $4.02 per share, up 25% from $3.48 billion, or $3.17 per share, a year earlier. Analysts surveyed by Refinitiv were expecting earnings per share of $3.71.

Net sales rose 23.4% to $38.05 billion, topping expectations of $34.53 billion. Its same-store sales soared 25% in the quarter.

This story is developing. Please check back for updates.

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