Home Depot Inc said on Tuesday it will spend about $1 billion more on employees’ wages annually as the home improvement chain benefits from a sustained surge in demand for tools and building materials due to the COVID-19 pandemic. Home Depot’s blue-chip stock, up 28 percent this year, fell 2.5 percent in early trading, despite the company beating quarterly sales and profit estimates. Demand for home improvement products have remained elevated since coronavirus lockdowns started in March, as Americans spending more time at home due to limited options for travel or leisure activities use their discretionary income on minor home remodeling and repair work. The heavy activity has, however, also led Home Depot to spend $1.7 billion in temporary pay and benefits for staff working through the health crisis. The company said on Tuesday it will change some of those benefits to permanent wage increases for frontline hourly employees. A …
Home Depot Boosts Staff Pay by $1 Billion After Uninterrupted Sales Surge
