Home Depot (NYSE: HD) announced financial results for the first quarter. Sales for the first quarter amounted to USD 28.3 Million, a 7.1% rise compared to the same period a year ago. The company has taken several precautions during the coronavirus pandemic. The company expanded paid time off for all hourly associates that include additional hours that can be utilized at their own discretion and paid out at year end if unused. Additional paid time off provided for associates who are 65 and older or deemed to be at higher risk according to CDC guidelines.
“As the COVID-19 pandemic evolved, we anchored to the core values of our Company by focusing on two key priorities: working to ensure the safety and well-being of our associates and customers, and providing our customers and communities with essential products. We took early and decisive action to intentionally limit customer traffic in our stores which we believe had a significant impact to sales in many markets,” said Craig Menear, chairman, CEO, and president. “Even with these actions, the robust and flexible interconnected infrastructure that we have invested in for over a decade allowed us to quickly adapt to changing customer preferences and achieve strong sales performance in the quarter.” “I want to thank our associates and express how grateful and proud I am of the resilience and strength that our teams have demonstrated as we navigate these extraordinary circumstances together,” said Menear.
Uncertainty surrounding the COVID-19 pandemic has forced the company to suspend its previously stated fiscal 2020 guidance.