Here's the Defining Characteristic of Home Depot's Success
Oftentimes, the strongest competitive advantages we see in the world of business are built from intangible assets. These are characteristics that may not seem obvious at first, but that can seriously impact a company's long-term success. This is the case for Home Depot (NYSE: HD), which has a robust organizational culture that has played a key role in the stock's sevenfold rise over the past decade.
Despite the onslaught of the novel coronavirus that began in March, the largest home improvement retailer in the United States still managed to have a solid quarter ending May 3, 2020. Sales were up 7.1% from the prior-year period, and comparable sales in the U.S. were up 7.5%. CEO Craig Menear highlighted the success of investments made over the years that have enhanced the company's ability "to quickly adapt to shifts in customer needs, preferences, and behaviors." Although earnings fell 10.7% compared to the first quarter of 2019, this was due to $850 million spent on actions taken to support employees.
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Source Fool.com
