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MarketScreener Homepage  >  Equities  >  Nyse  >  The Home Depot, Inc.    HD

THE HOME DEPOT, INC.

(HD)
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E-Commerce Strength Boosted November Retail Sales

12/03/2020 | 07:17am EST

By Matt Grossman

U.S. retail spending edged higher last month despite the continuing coronavirus pandemic as a surge in online shopping boosted sales, according to data from Mastercard Inc.

The data, which cover cash and check payments as well as credit cards, show that consumer spending rose 3.1% year over year in November, excluding car sales. Excluding gasoline as well, spending rose 5.1%, according to Mastercard.

Shoppers spent more on furniture, groceries and hardware in the month, with each of those categories rising by double-digit percentages. Apparel spending fell by 21%, and department-store sales declined by 15%.

As shopping continues to shift online during the public-health crisis, e-commerce spending rose by 53% compared with last November to make up 18% of the month's total retail sales, excluding cars. Big retailers with robust online sales platforms such as Walmart Inc., Target Corp. and Home Depot Inc. have experienced booms in digital shopping this year as people hoping to avoid crowds during the pandemic place orders from home.

Holiday shopping -- more of which took place before Black Friday this year -- drove a portion of the November spending growth, according to Mastercard. Because of the pandemic, many retailers launched seasonal promotions well before the holiday shopping season's traditional start on the Friday after Thanksgiving, to avoid attracting large crowds.

Customers also reacted last month to rising virus cases and the prospect of more government restrictions by stocking up on groceries and continuing to spend more on home goods, Mastercard said. Grocery sales rose 10% year over year in November, while spending on furniture and furnishings climbed 16%.

The same mind-set also drove more spending on electronics and appliances, for which sales rose 8.2% year over year in November. More cooking at home and more new residential construction this year have left buyers clamoring for products such as refrigerators and dishwashers, stretching appliance showrooms thin, said Chad Lyon, a Wells Fargo & Co. banker whose group finances appliance retailers' inventories.

"You've really seen retail demand spike," Mr. Lyon said. "The manufacturers have been playing some level of catch-up."

Soaring online sales also extended to fashion. Despite falling apparel sales overall, e-commerce spending on apparel rose 13% year over year in November.

Online jewelry sales jumped 46%.

In a sign that fashion companies are more focused on their internet presence during the pandemic, Swiss luxury-goods giant Compagnie Financière Richemont, which owns the Cartier jewelry brand, said last month it planned to invest $550 million in Farfetch, a French fashion website.

The deal will help Richemont improve its reach outside of traditional stores, Richemont Chairman Johann Rupert said.

(END) Dow Jones Newswires

12-03-20 0716ET

Stocks mentioned in the article
ChangeLast1st jan.
MASTERCARD INCORPORATED 2.80% 325.775 Delayed Quote.-11.61%
TARGET CORPORATION 3.39% 184.155 Delayed Quote.0.99%
THE HOME DEPOT, INC. 2.58% 280.7124 Delayed Quote.3.17%
WALMART INC. 1.32% 145.365 Delayed Quote.-0.22%
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More news
Financials (USD)
Sales 2021 130 B - -
Net income 2021 12 753 M - -
Net Debt 2021 27 357 M - -
P/E ratio 2021 23,2x
Yield 2021 2,20%
Capitalization 295 B 295 B -
EV / Sales 2021 2,48x
EV / Sales 2022 2,48x
Nbr of Employees 415 700
Free-Float 60,1%
Chart THE HOME DEPOT, INC.
Duration : Period :
The Home Depot, Inc. Technical Analysis Chart | HD | US4370761029 | MarketScreener
Technical analysis trends THE HOME DEPOT, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 307,07 $
Last Close Price 274,05 $
Spread / Highest target 29,5%
Spread / Average Target 12,1%
Spread / Lowest Target -23,4%
EPS Revisions
Managers and Directors
NameTitle
Craig A. Menear Chairman & Chief Executive Officer
Edward P. Decker President & Chief Operating Officer
Richard V. McPhail Chief Financial Officer & Executive Vice President
Matthew A. Carey Chief Information Officer & Executive VP
Paul Antony Senior Vice President-Technology
Sector and Competitors
1st jan.Capitalization (M$)
THE HOME DEPOT, INC.3.17%295 042
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