Home Depot posted record-breaking sales in the second quarter, largely thanks to consumers’ continuing push to fix up their homes during the coronavirus pandemic.
The home improvement giant raked in $38.1 billion in sales during the quarter, a 23.4% boost since last year.
Net earnings for the second quarter of fiscal 2020 were $4.3 billion compared with net earnings of $3.5 billion in the same period of fiscal 2019.
Home Depot and its home improvement sector rival Lowe’s have soared since the coronavirus pandemic began in March. Analysts have attributed the success of the retailers to a shift in consumer spending trends. With many shoppers stuck at home and canceling vacations and dining-out plans due to the pandemic, consumers have been dedicating more money to tackling home improvement projects.
According to financial data firm Facteus, Home Depot has overtaken Lowe’s head start when it comes to consumer spending. And foot