Home Depot (HD) - Get Report posted stronger-than-expected third-quarter earnings Tuesday while noting it plans to spend around $1 billion on bonuses and compensation increases for its frontline workers.
Home Depot said earnings for the three months ending on November 1 were pegged at $3.18 per share, up 25.7% from the same period last year and 13 cents ahead of the Street consensus forecast. Group revenues, Home Depot said, rose 23% to $33.5 billion, again topping analysts' estimates of a $32 billion tally.
"The third quarter was another exceptional quarter for The Home Depot as we saw the continuation of outsized demand for home improvement projects, which has led to sales growth of more than $15 billion through the first nine months of the year," said CEO Craig Menear. "Our ability to effectively adapt to this high-demand environment is a testament to both the investments we have made in the business as well as our associates' focus on customers."
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