The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).
The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).#
Gross profit for the Q1 FY20 grew 6.7 per cent to $9.62 billion ($9.01 billion). Selling, general and administrative expenses grew 18 per cent to $5.82 billion ($4.94 billion). Operating income fell 8.9 per cent to $3.27 billion ($3.59 billion).
The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).#
“As the Covid-19 pandemic evolved, we anchored to the core values of our company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products,” Craig Menear, chairman, CEO, and president at The Home Depot, said in a press release.
The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).#
Even with these actions, the robust and flexible interconnected infrastructure that we have invested in for over a decade allowed us to quickly adapt to changing customer preferences and achieve strong sales performance in the quarter.”
The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).#
Sales in the US during the quarter grew to $26.41 billion ($24.45 billion). Sales outside the US were $1.84 million ($1.92 billion).
The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).#
Sales of Building materials were $9.81 billion ($9.40 billion). Décor sales grew to $9.30 billion ($8.74 billion). Hardlines sales increased to $9.13 billion ($8.23 billion).
ALCHEMPro News Desk (JL)
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