Home Depot boosts staff pay by $1 billion after uninterrupted sales surge

The logo of Down Jones Industrial Average stock market index listed company Home Depot is seen in Encinitas, California

(Reuters) – Home Depot Inc <HD.N> 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% this year, fell 2.5% in early trading, despite the company beating quarterly sales and profit estimates.

Demand for home improvement products have remained elevated since coronavirus lockdowns started in March, as Americans spending more time at home due to limited options for travel or leisure activities use their discretionary income on minor home remodeling and repair work.

The heavy activity has, however, also led Home

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