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May 03, 2020
Home Depot Q1 2020 Earnings Report
Home Depot's first quarter 2020 results saw a sales increase, driven by strong comparable sales, despite actions taken to limit customer traffic in stores due to the COVID-19 pandemic.
Key Takeaways
Home Depot reported a 7.1% increase in sales for the first quarter of fiscal 2020, with comparable sales up 6.4%. The company incurred approximately $850 million of pre-tax expense due to actions taken to support associates during the COVID-19 pandemic, resulting in a decrease in net earnings compared to the same period last year. The company also suspended its fiscal 2020 guidance due to uncertainty related to the duration of COVID-19.
Sales increased by 7.1% compared to the first quarter of fiscal 2019.
Comparable sales were up 6.4%, and comparable sales in the U.S. were up 7.5%.
Net earnings decreased to $2.2 billion, or $2.08 per diluted share.
Approximately $850 million of pre-tax expense was incurred to support associates during the COVID-19 pandemic.
Revenue by Geographic Location
Forward Guidance
Due to the uncertainty related to the duration of COVID-19 and its impact on the broader economy, the Company is suspending its previously communicated fiscal 2020 guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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