Home Depot spent about $850 million on benefits for employees keeping its stores and warehouses running, leading to a profit miss for the home improvement chain
) missed estimates for quarterly profit on Tuesday, as the home improvement chain spent about $850 million on benefits for employees keeping its stores and warehouses running through the COVID-19 pandemic.
While shelter-in-place restrictions and government stimulus checks boosted Home Depot’s sales in the first quarter, with people spending more on tools for do-it-yourself house projects, analysts say a looming recession will weigh on home improvement spending later in the year. “Home Depot is showing that it should weather the COVID-19 pandemic better than most retailers ... That said, we are concerned about the expected deterioration of the U.S. economy, rapidly rising unemployment, and declining consumer confidence,” Telsey Advisory Group analysts wrote in a post-earnings note.
The risks posed to staff working through the crisis led the company to provide additional bonuses, double overtime pay and add more hours of paid time-off.
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