Home Depot Proves It’s an Essential Shopping Outlet
Investors had high hopes for Home Depot's (NYSE: HD) first-quarter earnings report even though the COVID-19 pandemic pressured most of the retail industry. The chain responded to the pandemic by cutting store hours and making other moves aimed at limiting customer traffic, yet expectations were for robust sales growth as many consumers used the shelter-in-place time to work on home projects.
Home Depot's report confirmed this bullish reading and showed that the market leader was a key shopping destination over the last few months. The pandemic added some major expenses to the business, though.
Comparable-store sales growth landed at 7.5% in the core U.S. market, or roughly double the pace Home Depot set in the prior quarter. That surge came despite reduced selling hours and Home Depot's cancellation of its traditional spring selling promotion that usually delivers some of its busiest selling days of the year.
Source Fool.com
