Home Depot beats second-quarter sales estimates amid the coronavirus pandemic

Home Depot Inc. (HD.N) reported that it managed to beat its second-quarter sales estimates on Tuesday.

The largest home improvement retailer in the United States said that most customers purchased more construction tools and other home improvement products to do minor repair jobs while stuck at home due to the coronavirus pandemic.

According to Institutional Brokers Estimate System (IBES) data from Refinitiv, Home Depot’s same-store sales jumped by 23.4% surging past the analysts’ average estimate of a 10.5% rise.

Home Depot’s revenue rose by 25% to $4.33 billion or $4.02 per share in the second quarter.

“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,” Home Depot’s Chief Executive Officer Craig Menear said in a statement.

“In the second quarter, the Company invested approximately $480 million in additional benefits for associates, including weekly bonuses for hourly associates in stores and distribution centers,” he added.

Home Depot’s stocks climbed by 32.0% on Monday.