People have been pouring cash into their homes since the start of the coronavirus pandemic, and Home Depot (NYSE:HD) is benefiting from that unusually strong selling environment. The retailer revealed double-digit increases in both customer traffic and average spending per visit, in fact, to push sales higher by 23% in the second quarter.
In a conference call with Wall Street analysts, CEO Craig Menear and his team broke down the key factors influencing that growth rate while aiming to tamper investors’ expectations for the rest of 2020.
Let’s look at a few highlights from that presentation.
A new way to shop
Customers are consolidating the number of retailers they visit and are blending the physical and digital elements of the shopping experience more than ever before. As a result, the distinct competitive advantages and overarching benefits of an interconnected “One Home Depot” strategy have never been