Strong Home Depot Results Show Pandemic’s Consumer Spending Shift

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Strong Home Depot Results Show Pandemic’s Consumer Spending Shift
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Home Depot's sales growth and profit gained in the latest financial quarter as pandemic spending focused on home improvement

Home Depot Inc. on Tuesday posted strong sales growth and a higher-than-expected profit in the latest fiscal quarter, emphasizing the company’s success drawing home-improvement shoppers during the Covid-19 pandemic.

Revenue for the Atlanta-based retailer rose by 23% to $38.05 billion in the May-to-July period, up from $30.84 billion during the same three months of 2019. Analysts surveyed by FactSet had anticipated revenue of $34.53 billion.

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