Home Depot’s sales soar by 7 per cent

Home Depot’s sales soar by 7 per cent

The US-based DIY store chain Home Depot reports sales of USD 28.260 bn for the first quarter (ended 3 May 2020) of fiscal 2020, a 7.1 per cent increase from the first quarter of fiscal 2019. Comparable sales for the first quarter were up 6.4 per cent, and comparable sales in the U.S. were up 7.5 per cent, the world's largest home improvement retailer states. Reacting to the Covid-19 pandemic, the company says it took several actions to prioritise safety and enhance associate benefits. To promote a safe environment for associates and customers, it implemented a number of operational changes in mid-March, including closing stores earlier to allow more time for sanitation and replenishing of essential products, limiting customer traffic in stores, and cancelling traffic-driving events such as Spring Black Friday. While sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter, as a result of the uncertainty related to the duration of Covid-19 and its impact on the broader economy, the company is suspending its previously communicated fiscal 2020 guidance.