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Monday, September 20, 2021

Home Depot will Spend $1 Billion More on Employees

Home improvement chain Home Depot announced on Tuesday morning it would spend about $1 billion more every year on employees’ compensation, as the company benefits from a surge in demand for tools and building materials.

Home improvement chain Home Depot announced on Tuesday morning it would spend about $1 billion more every year on employees’ compensation, as the company benefits from a surge in demand for tools and building materials.

Home Depot’s blue-chip stock fell about 1.7 percent in premarket trading, despite the company posting a 24.1 percent rise in same-store sales for the third quarter ended on November 1st, and beating analysts’ average estimate of a 14.8 percent increase.

 A year earlier, Home Depot’s net earnings rose to $3.43 billion, or $3.18 per share, from $2.77 billion, or $2.53 per share. 

Overall net sales jumped 23.2percent to $33.54 billion, beating analysts’ average estimate of $32.04 billion.

Demand has jumped since the start of the COVID-19 crisis as people stuck at home, with limited options for leisure activities, spend more of their discretionary income on repair work and home remodeling.

To compensate employees working through the pandemic, the company was providing temporary weekly bonuses and more hours of paid time off. Home Depot said it will change some of those programs to permanent additional compensation.

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