Home Depot Boosts Staff Pay by $1 Billion After Uninterrupted Sales Surge

Home Depot Boosts Staff Pay by $1 Billion After Uninterrupted Sales Surge
A Home Depot store is seen in Washington, on Aug. 18, 2020. Nicholas Kamm/AFP via Getty Images
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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.