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
Texans spent less going out to eat and drink, but more on home improvement as coronavirus cases peaked this summer
That revenue was based mainly on purchases made in July, when the numbers of coronavirus cases were peaking. That rising rate, the comptroller said, likely put a damper on economic activity.
State sales tax collections from major sectors – except retail trade – declined compared with the same period in 2019, Hegar said. The comptroller said the largest declines happened in sectors related to oil and gas, which includes manufacturing. A Hegar spokesperson also pointed to declines in sectors such as transportation and bars and restaurants.
In retail trade, distance learning prompted higher remittances to the agency from sporting goods, electronics and home furnishing retailers. Consumer spending also increased on home improvements and home entertainment. Such spending, Hegar said, was supported by
Summer can really turn up the heat in your kitchen; here’s how to keep cool with summer recipes and smart cooking tips for when it’s just too hot. While a warm and cozy kitchen feels nice in the winter, it can be stifling when temperatures ramp up in the summer. Using large appliances, such as your oven or stove, can make your kitchen too hot to handle. The heat can even spread to other areas of your home and make your air conditioning work overtime. But you don’t have to choose between cooking and staying cool this summer. Try these strategies for keeping yourself well-fed without wilting.
1. Stay hydrated
Hydration is the No. 1 rule for any summer activity, and cooking is no exception — even if you’re indoors. If you’re working in the kitchen, always have a glass of water with ice ready to drink from