The logo of U.S. home improvement chain Home Depot is seen after the Mexican trade union Revolutionary Confederation of Laborers and Farmworkers (CROC) accused Home Depot of blocking union activity, in Mexico City, Mexico January 15, 2020. REUTERS/Luis Cortes
(Reuters) – Home Depot Inc (HD.N) reported a 6.4% rise in quarterly same-store sales on Tuesday, as the COVID-19 pandemic caused a surge in demand for cleaning supplies and masks at the home improvement chain’s stores.
Home Depot also scrapped its full-year outlook.
The company’s net earnings fell to $2.25 billion, or $2.08 per share, in the first quarter ended May 3, from $2.51 billion, or $2.27 per share, a year earlier, as it spent heavily to compensate its store employees working during the health crisis.
Total net sales rose to $28.26 billion from $26.38 billion.
Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli