The Home Depot Q3 FY20 sales jump 23% to $34 mn

The Home Depot, the world's largest home improvement retailer, has reported 23.2 per cent sales growth to $33.5 billion in its third quarter (Q3) fiscal 2020 ended on November 1, compared to the sales of $27.2 billion in the same period previous fiscal. Company’s net earnings for the quarter jumped to $3.4 billion (Q3 FY19: $2.7 billion).

 

“The third quarter was another exceptional quarter for The Home Depot as we saw the continuation of outsized demand for home improvement projects, which has led to sales growth of more than $15 billion through the first nine months of the year,” Craig Menear, chairman and CEO, said in a press release.

 

Gross profit for the quarter was up to $11.4 billion ($9.3 billion). Selling, general and administrative expenses were up 22.9 per cent to $6.0 billion ($4.9 billion). Company’s operating income during Q3 FY20 rose 22.9 per cent to $4.8 billion ($3.9 billion).

 

“Our ability to effectively adapt to this high-demand environment is a testament to both the investments we have made in the business as well as our associates' focus on customers. We continue to lean into these investments because we believe they are critical in enabling market share growth in any economic environment.” Menear said.