Home Depot reported Q1 earnings that missed analysts’ expectations, and suspended its 2020 outlook due to coronavirus uncertainty.
Home Depot said it took a number of steps to boost wages and keep employees coming in during the pandemic. The company said it expanded paid time off for all hourly employees, as well as for non-hourly workers deemed at-risk for Covid-19 infection by the Centers for Disease Control and Prevention's guidelines. It said it has also provided more incentives to keep workers coming in, such as doubled overtime and weekly bonuses as well as expanded benefits.
Home Depot has had a few advantages going into the pandemic compared with other retailers. It's been deemed an essential retailer in most states, so its stores have remained open. It has invested in e-commerce and online offerings, such as curbside pickup. And spring is historically the busiest time of the year for the home improvement industry.
The investment in retaining employees with added benefits and boosted wages will prove to be a smart long-term decision, senior equity research analyst at Oppenheimer Brian Nagel told CNBC's ""I think Home Depot is one of the companies that is benefiting or really capitalizing, performing well through this Covid-19 crisis and is likely to perform well as the crisis headwinds abate," Nagel said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home Depot sales jump 7% but higher coronavirus-related costs drag down earningsHome Depot has had a few advantages going into the pandemic compared to other retailers.
Read more »
Stock market live updates: Futures flat after big Monday rally, Home Depot falls, Walmart risesA conversation about the latest market-moving news, including earnings from Walmart and Home Depot.
Read more »
How to Dye Hair at Home, According to Colorists and Home-Dye EnthusiastsIncluding touch-up kits, semi-permanent color, and temporary root touch-up powder.
Read more »
Home Depot's stock falls after profit misses, while revenue and same-store sales beatShares of Home Depot Inc. undefined fell 2.5% in premarket trading Tuesday, after the home improvement retailer reported a fiscal first-quarter profit that...
Read more »
Outdoor furniture sales grow as customers prepare for a summer at homeWith the travel industry crushed by the coronavirus pandemic, it's more than likely that people will be staying close to home this summer.
Read more »
Home-builder confidence rebounds in May from historic decline as industry grows optimistic about post-pandemic home salesConstruction firms are upbeat on the housing industry’s prospects thanks to low interest rates, even though coronavirus-related challenges remain.
Read more »