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Big-box chain Home Depot has announced its fourth-quarter and fiscal year 2020 financial results, reporting more than $132 billion in sales throughout the year.
Sales in the fourth quarter stood at $32.3 billion, an increase of 25.1 percent from the fourth quarter of 2019. Fourth-quarter sales fell roughly 3.6 percent from the third quarter. Comparable U.S. store sales for the company rose 25 percent. Net earnings for the final quarter of 2020 were $2.9 billion, up from $2.5 billion in 2019.
The company also reports 83 percent digital sales growth from the fourth quarter of 2019 to the fourth quarter of 2020 and record sales for holiday decor. More than half of all online orders were fulfilled through a Home Depot location.
Throughout fiscal year 2020, Home Depot reports sales rose 19.9 percent from 2019, and comparable U.S. store sales rose 20.6 percent. Annual net earnings were $12.9 billion, up from $11.2 billion in 2019.
The company opened five stores in 2020. It also donated more than $4 million to disaster relief and nearly $10 million in personal protective equipment donations during the COVID-19 pandemic.
“The team demonstrated ongoing flexibility to operate effectively in a very challenging environment and deliver record-breaking sales and earnings. Our ability to grow the business by over $21 billion in fiscal 2020 is a testament to both the investments we have made in the business as well as our associates’ unwavering commitment to our customers,” says Craig Menear, chairman and CEO. “We continue to lean into these investments because we believe they are critical in enabling market share growth in any economic environment.”
In November, Home Depot announced plans to acquire HD Supply. In October, Ted Decker became the company’s president and COO.
