Higher-than-expected Q3 figures for Home Depot

November 18, 2020
Higher-than-expected Q3 figures for Home Depot

Despite the pandemic, Home Depot posted promising figures

One of the largest improvement retailers- Home Depot released its Q3 2020 earnings ahead of the estimates.

Home Depot reported a net income of $3.43 billion, which marks a 24% increase from last year’s figures. The market was looking for $3.06 billion.

The company’s EPS was of $3.18, with revenues of $33.54 billion. The numbers topped the EPS of $3.06 and $32.04 billion, respectively forecasted. Given the pandemic, people preferred online shopping, which translated into a rise in digital sales of 80% from Q3 2019.

In the future, Home Depot is considering expanding in the building utility and maintenance sector, as it is talking to buy back HD Supply Holdings for $8 billion.

Year-to-date, Home Depot stock price gained 28%.

Sources: reuters.com

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