Home Depot declare $1.50 dividend, releases quarterly results

The Home Depot store on Cumberland ParkwayThe Home Depot store on Cumberland Parkway (photo by Larry Felton Johnson)

Home improvement retail giant The Home Depot, headquartered in Cobb County, announced a second quarter cash dividend of $1.50 per share, payable on September 17 to shareholders of record on the close of the business day on September 3, 2020.

The company also reported that net earnings for the second quarter of fiscal 2020 were $4.3 billion, or $4.02 per diluted share, compared with net earnings of $3.5 billion, or $3.17 per diluted share, in the same period of fiscal 2019.

Diluted earnings per share increased 26.8 percent compared to the second quarter of last year.

Diluted earnings per share is the measure of the value of shares if all dilutive securities, (options, bonds, preferred stock) were converted to common stock.

“The investments we have made across the business have significantly increased our agility, allowing us to respond quickly to changes while continuing to promote a safe operating environment. This enhanced our team’s ability to work cross-functionally to better serve our customers and deliver record-breaking sales in the quarter,” said Craig Menear, chairman, CEO and president, in the press release announcing the quarterly results. “We remain focused on continuing the momentum of our One Home Depot investment strategy that we believe will position us for continued growth over the long-term, while at the same time maintaining flexibility to navigate the demands of the current environment. Through it all, we will continue to lead with our values by doing the right thing and taking care of our people.”

The company also stated that it invested approximately $480 million in additional benefits for associates, including weekly bonuses for hourly associates in stores and distribution centers.

In the press release the company said they have spent approximately $1.3 billion on enhanced pay and benefits in response to COVID-19.

“I want to thank our associates for their continued focus on serving our customers and communities as we navigate these extraordinary circumstances together,” said Menear.