Home Depot Posts Double-Digit Increases in Traffic and Shopper Spending
Investors were expecting good news from Home Depot (NYSE: HD) in its second-quarter earnings report. The home improvement giant has benefited from surging demand for DIY project materials as consumers prioritized these categories in the wake of COVID-19. Extra income for shoppers in the form of stimulus payments also helped support near-ideal selling conditions in recent months.
But the chain on Tuesday announced far stronger results than Wall Street expected on both the top and bottom lines as the company added nearly $8 billion of incremental revenue to its sales base.
Growth hit a new record in the three months that ended on Aug. 2. Home Depot handled 512 million transactions, which translates into 12.3% higher customer traffic. Shoppers spent an average of 10% more per visit, pushing transaction value up to $74 on each trip.
Source Fool.com
