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Home Depot to invest $1 billion in frontline employees

Third quarter sales surged 23%

ATLANTA (Gray News) – Home Depot has profited from the home improvement trend during the pandemic.

Third quarter sales surged 23% as revenue hit $33.5 billion for the three months ending Nov. 1, the company reported Tuesday.

Things are going so well, Home Depot said it’s giving hourly workers a permanent pay increase after a series of temporary bonus programs since the coronavirus outbreak began in March.

“This will result in approximately $1 billion of incremental compensation on an annualized basis,” the company’s website says.

“We continue to lean into these investments because we believe they are critical in enabling market share growth in any economic environment,” Home Depot Chairman and CEO Craig Menear.

“I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them …”

Sales for the chain have grown $15 billion through the first nine months of the year as people have poured money into their homes as they spend more time in them.

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Home Depot is giving hourly workers a permanent pay increase after a series of temporary bonus programs since the coronavirus outbreak began in March.