Home Depot Q3 Results Top Estimates; Plans $1 Bln In Compensation Enhancement

(RTTNews) - Home improvement retailer Home Depot Inc. (HD) reported Tuesday that net earnings for the third quarter grew to $3.43 billion or $3.18 per share from $2.77 billion or $2.53 per share in the prior-year quarter. Sales for the quarter increased 23.2 percent to $33.54 billion from $27.22 billion in the same quarter last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $3.05 per share on sales of $32.04 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable sales for the third quarter were positive 24.1 percent, and comparable sales in the U.S. were positive 24.6 percent.

Home Depot said it has taken significant actions throughout the COVID-19 pandemic to support associates, including expanded paid time off for all hourly associates to use at their discretion and the implementation of a temporary weekly bonus program.

The Company is now transitioning from these temporary programs to invest in permanent compensation enhancements for frontline, hourly associates. This will result in approximately $1 billion of incremental compensation on an annualized basis.