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Nov 17, 2020 (Baystreet.ca via COMTEX) —
Home Depot (NYSE:HD) on Tuesday reported third-quarter earnings that beat estimates as consumers continued to focus on home improvement during the coronavirus pandemic and sales surged 24% from a year ago.
The home improvement retail giant said some of its temporary employee compensation programs that it implemented during the pandemic will become permanent wage increases, which will result in $1 billion of additional compensation expenses per year.
Home Depot previously said it had spent $1.3 billion through Aug. 2 on additional compensation costs due to Covid-19 in 2020. On Tuesday, it did not provide updated year-to-date additional compensation costs.
During the fiscal third quarter ended Nov. 1, Home Depot’s net income surged 24% to $3.43 billion, or $3.18 per share, up from $2.77 billion, or $2.53 per share, a year