Home Depot Inc. posted stronger-than-expected third-quarter earnings Tuesday while noting it plans to spend around $1 billion on bonuses and compensation increases for its frontline workers.
Home Depot said earnings for the three months ending on November 1 were pegged at $3.18 per share, up 25.7% from the same period last year and 13 cents ahead of the Street consensus forecast. Group revenues, Home Depot said, rose 23% to $33.5 billion, again topping analysts’ estimates of a $32 billion tally.
Same-store sales, Home Depot said, surged 24.1% from last year, with a 24.6% gain for its U.S. operations, a figure that was firmly ahead of the Refinitiv forecast of 14.5%, as customers splashed-out on home improvements amid a record run for U.S. house prices.
“The third quarter was another exceptional quarter for The