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Home Depot Reports Drop In Same-Store Sales
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Home Depot Inc. (NYSE:HD) closed at $271.64 yesterday with one of the highest market caps of $292.15 billion.
According to data from UBS, there has been a drop in same-store sales for home improvement companies Home Depot and Lowe's. The company reported strong results in May and June. Despite the drop however, the company's estimates are still higher than projected. Home Depot is expected to report quarterly results on Tuesday, August 18,
Home Depot Inc (NYSE: HD) has announced plans to open three additional distribution centers in the next 18 months as it seeks to feeling the growing demand for home delivery and pick-up points. According to the company's the growing demand for delivery services has seen customers experience long waits and shipping delays.
Home Depot reported an 80% growth in online sales in the first quarter which ended May 3. The company's online sales segment contributed around 15% or $4.2 billion of its net sales. In-store sales accounted to 60% of the company's net sales.
The company was already reporting improved online sales even before the pandemic broke out. In 2018, Home Depot launched a 1.2 billion investment to open around 150 distribution facilities in five years. The company is also putting a variety of distribution centres to handle different kinds of products.
Home Depot is working to increase its capacity to offer same-day and next-day delivery to 90% of the U.S. population. Currently the company offers one-day delivery options to 50% of the U.S population. The company is putting up a 657,600-square-foot distribution center which is expected to be operational by end of this year. Another facility will be used to handle products in box trucks like cabinets and appliances.
Home Depot launched its first flatbed delivery centre in Dallas at the start of this year. The company has since opened another one in Baltimore and has plans to launch around 30 to 35 more around the U.S.
Cisco Systems acquires ThousandEyes
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Cisco Systems, Inc. (NASDAQ:CSCO) closed at $47.43 yesterday with one of the highest market caps of $200.26 Billion.
Cisco (NASDAQ: CSCO) has announced the acquisition of ThousandEyes whose internet and cloud intelligence platform is used to expand visibility and insights into digital delivery of applications and services over the loud and internet. ThousandEyes' technology is used by organizations to scan and visualize any network and quickly get out actionable insights.
A few weeks ago Cisco announced the acquisition of Modcam, a Swedish startup in a bid to makes the Meraki smart camera portfolio even smarter. Meraki offers smart cameras that include machine learning and motion detection capabilities although it is limited to one camera operation. Modcam will improve Cisco's ability to collect information as well as apply machine learning on several cameras.
Adobe Partners With Box
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Adobe Inc (NASDAQ:ADBE) closed at $449.57 yesterday with one of the highest market caps of $215.65 Billion.
Adobe has partnered with Box Inc to offer a full-featured Acrobat web experience in the Box platform. The integration was first previewed in October last year and is expected to allow users to edit and collaborate on PDF files directly from Box.
In addition, the integration will allow joint Adobe and Box users to send and capture e-signatures. The new tool will also save user's works done with Adobe Acrobat back to Box.
Through the integration, Adobe hopes to eliminate issues with version control as well as the need to download files on the desktop. The company further said that the integration will enable people to work with multiple PDF files and also ensure the security of their documents.
In other news, Adobe has rejected several ads from the Republican Attorneys General Association showing the danger of the "defund the police" movement because the ads depict "violence or dangerous activities."
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COMTEX_369225897/2700/2020-08-11T08:51:44
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