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The Home Depot Q1 FY20: sales grow 7.1% to $28 bn

02 Jun '20
2 min read
Pic: The Home Depot
Pic: The Home Depot

The Home Depot, the world's largest home improvement retailer, reported 7.1 per cent sales growth to $28.26 billion in the first quarter (Q1) FY20 that ended on May 3, 2020, compared to the sales of $26.38 billion in same period prior year. However, net earnings for the quarter fell 10.7 per cent to $2.24 billion (Q1 FY19: $2.51 million).
 
Gross profit for the Q1 FY20 grew 6.7 per cent to $9.62 billion ($9.01 billion). Selling, general and administrative expenses grew 18 per cent to $5.82 billion ($4.94 billion). Operating income fell 8.9 per cent to $3.27 billion ($3.59 billion). 
 
“As the Covid-19 pandemic evolved, we anchored to the core values of our company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products,” Craig Menear, chairman, CEO, and president at The Home Depot, said in a press release. 
 
Even with these actions, the robust and flexible interconnected infrastructure that we have invested in for over a decade allowed us to quickly adapt to changing customer preferences and achieve strong sales performance in the quarter.”
 
Sales in the US during the quarter grew to $26.41 billion ($24.45 billion). Sales outside the US were $1.84 million ($1.92 billion). 
 
Sales of Building materials were $9.81 billion ($9.40 billion). Décor sales grew to $9.30 billion ($8.74 billion). Hardlines sales increased to $9.13 billion ($8.23 billion).

Fibre2Fashion News Desk (JL)

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