por admin » Mar Nov 17, 2020 7:46 am
Home Depot earnings beat as shoppers focus on home, retailer to make pandemic pay raises permanent
PUBLISHED TUE, NOV 17 20205:35 AM ESTUPDATED 3 MIN AGO
Will Feuer
@WILLFOIA
Home Depot on Tuesday reported third-quarter earnings that beat estimates with sales surging about 24% compared with a year ago as coronavirus pandemic home improvement buying continued.
The company said some of its temporary employee compensation programs that it implemented during the pandemic will become permanent wage increases.
The company said it was continuing to benefit from the stay-at-home spending patterns through the beginning of November.
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Home Depot on Tuesday reported third-quarter earnings that beat estimates as consumers continued to focus on home improvement during the coronavirus pandemic and sales surged 24% from a year ago.
The company said some of its temporary employee compensation programs that it implemented during the pandemic will become permanent wage increases, which will result in $1 billion of additional compensation expenses per year. Home Depot previously said it had spent $1.3 billion through Aug. 2 on additional compensation costs due to Covid-19 in 2020. On Tuesday, it did not provide updated year-to-date additional compensation costs.