Yesterday, we reported that Target has now entered the list of top 10 e-commerce retailers in the US. However, there was another retailer in that list which has gone under the radar a bit. This retailer from the US is Home Depot which also has a strong retail presence as well as an online one. The story for most US retailers has been similar in the sense that everyone has had a strong retail presence but they are now investing in their online business too and so is Home Depot.
Talking about Home Depot, a new report has now emerged which is regarding the revenues posted by the company. It is revealed that the company has exceeded expectations for revenue last year and have surged on Wall Street. However, it is also worth noting that Home Depot had lowered its expectations from last year which might have contributed to this higher-than-expected revenues too.
The contributing factors to the Home Depot revenue beat were strong holiday sales along with the fact that their sales of appliances were above average. Now, it is known that Home Depot is running an investment program for $11 billion which is over a three-year period which is to integrate its brick-and-mortar business along with its online business. As per a statement from the Home Depot CEO, he believes that the latest earnings show that their investments are starting to pay off.
Regarding their online sales, Home Depot’s CEO says that they have “stepped up its digital shopping experiences, such as adding better search functionality to its website and in-store labels that allow customers to read an item’s digital ratings”. He added that “We’re excited about our e-commerce business as part of a whole interconnected retail strategy,” and he even said that “We believe that the front door of our store is now in the customer’s pocket”.