DIY is still live and well amid the coronavirus pandemic. Little improvement was needed when Home Depot reported second quarter earnings before the opening bell Tuesday.
The home improvement retailer reported adjusted earnings per share of $4.02, marking a 26.8% increase from the same period last year. Revenue of $38.1 billion exceeded analyst estimates of $34.5 billion and came in 23.4% higher than the second quarter of 2019.
Comparable same-store sales rose 23.4% with a U.S. same-store sales rising 25%.
Home Depot also declared a quarterly dividend of $1.50, which will be payable on September 17, 2020.
Home Depot invested an additional $480 million in its associates in the quarter, bringing its 2020 total employee investment to around $1.3 billion. “The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment. This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter,” CEO, chairman and president Craig Menear said.
Following earnings, Home Depot rose as much as 2.7%, continuing a run higher into its report.
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