In the fiscal first quarter of 2020, Home Depot reported net sales grew 7.1% year-over-year to $28.3 billion. However, efforts to limit traffic in stores as a result of the coronavirus (COVID-19) pandemic had “significant” impact on sales and net earnings for the home-improvement retailer decreased $0.3 billion to $2.2 billion in the first quarter compared to the previous year. Comparable sales in the first quarter of 2020 were positive 6.4% and comparable sales in the U.S. were 7.5%.
As a result of COVID-19, Home Depot was forced to leverage its digital platforms as a means to reach customers. According to CEO and president Craig Menear, online sales increased approximately 80% during the quarter and more than 60% of the time customers opted to pick up online orders curbside. Home Depot said its digital business accelerated from 30% growth in early March to triple-digit growth by the end of April and daily traffic to the retailer’s website reached new records towards the end of the quarter.Read More