A booming do-it-yourself market helped The Home Depot continue its growth momentum in the second quarter, with sales soaring as consumers continued to work from home.
The home improvement retailer reported sales of $38.1 billion for the second quarter of fiscal 2020, a 23.4% increase from sales of $30.8 billion in the second quarter of fiscal 2019. Comparable sales for the second quarter of fiscal 2020 were positive 23.4%, and comparable sales in the U.S. were positive 25%.
Net earnings for the second quarter of fiscal 2020 were $4.3 billion, or $4.02 per diluted share, compared with net earnings of $3.5 billion, or $3.17 per diluted share, in the same period of fiscal 2019. For the second quarter of fiscal 2020, diluted earnings per share increased 26.8% from the same period in the prior year.
“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,” said Craig Menear, chairman, CEO and president, Home Depot. “We remain focused on continuing the momentum of our One Home Depot investment strategy that we believe will position us for continued growth over the long-term, while at the same time maintaining flexibility to navigate the demands of the current environment. Through it all, we will continue to lead with our values by doing the right thing and taking care of our people.”
In the second quarter, the company invested approximately $480 million in additional benefits for associates, including weekly bonuses for hourly associates in stores and distribution centers. Year-to-date, the company has spent approximately $1.3 billion on enhanced pay and benefits in response to COVID-19. Additionally, the company’s first half performance resulted in a record payout for Success Sharing, the company’s profit-sharing program for hourly associates.