Big-box home improvement chain Home Depot has released its second-quarter 2020 financial results, achieving net sales of $38.1 billion. This figure marks a 23 percent increase over the same period in 2019 and a 34 percent increase over first-quarter 2020 sales.
Net earnings for Home Depot totaled $4.3 billion, up sharply from $3.5 billion in the second quarter of 2019.
“The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment. This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter,” says Craig Menear, chairman, CEO and president.
Also in the second quarter, Home Depot invested roughly $480 million in additional benefits to its employees, including weekly bonuses for hourly associates in stores and distribution centers. So far in 2020, the company has spent approximately $1.3 billion on enhanced pay and benefits in response to COVID-19.
The company also reports digital sales growth doubled in the second quarter and a record number of people downloaded Home Depot’s mobile app. Additionally, more than 60 percent of all online orders were picked up in store.
In February, Home Depot unveiled its first flatbed distribution center. The company hopes this Dallas site will offer same- or next-day delivery of heavy-duty building materials to more than 90 percent of the U.S.