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Big-box home improvement retailer Home Depot announced first-quarter 2020 sales of $28.3 billion, representing a 7.1 percent increase from the same period in 2019, according to the company.
The total sales for the first quarter of 2020 are more than 9 percent higher than its sales in the fourth quarter of 2019. Overall customer transactions for the big-box retailer were down nearly 4 percent for this quarter compared to the same period in 2019.
Net earnings for the company stood at $2.2 billion, down more than 10 percent from the first quarter of 2019.
“As the COVID-19 pandemic evolved, we anchored to the core values of our company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products. We took early and decisive action to intentionally limit customer traffic in our stores which we believe had a significant impact to sales in many markets,” says Craig Menear, chairman, CEO, and president.
Alongside its financial summary, the company also highlighted how it has prioritized in-store health and safety by limiting springtime events, installed plexiglass safety shields and reducing its hours of operation.
It also summarizes the paid time off benefits it gave to all hourly employees, including additional paid time off for associates older than 65. The company notes that its logistical efforts to stem the spread of COVID-19 at its stores and its payments to workers took $850 million from its profits.
Comparable U.S. store sales were up 7.5 percent and its online sales grew by roughly 80 percent, Home Depot reports. In addition, more than 60 percent of orders from the U.S. placed online were picked up at a brick-and-mortar Home Depot location.
In total, Home Depot currently operates 2,293 locations, including 1,985 in the U.S. In February, the company unveiled its first flatbed distribution center.
