As Amazon (AMZN) continues its diversification spree – from grocery delivery to pharma – one area that remained relatively unharmed was home improvement industry, led by big-box retailer Home Depot (HD). However, with the e-commerce giant signing a deal with Sears Holdings (SHLD) in 2017, Home Depot can no longer afford to relax.
The company has now come up with a new plan to stay in the race and cement its position in the highly competitive industry. According to Recode, Home Depot is hiring new talent this year as a part of its $11 billion investment plan. The big-box retailer, which is known to spend heavily on technology, is appointing thousands of technical professionals this year. The news sent the stock up 3%.
Last year, the company had announced new investments that were related to its store as well as online shopping experience, workforce management systems and supply chain. The newly hired professionals are expected to work on software and system engineering, as well as to boost the digital user experience. These employees will report to the company’s Chief Information Officer Matt Carey.
Home Depot had invested nearly $1.8 billion to revamp its website and online shopping experience, including new ways to deliver products, in a move to meet the changing demands of its customers.
The home improvement retailer has been thriving so far, as it has never shied away from incorporating the latest tech — augmented and virtual reality, big data analytics, artificial intelligence and machine learning — to boost shopping experience.
Even the strong competition from online retailers couldn’t leave a major dent in the company’s business. The company sells paint, hardware, and lumber to both consumers and construction companies. In fact, the company was referred to as the most innovative company of 2017.
Starbucks Corporation (NASDAQ: SBUX) reported first quarter 2023 earnings results today. Consolidated net revenues increased 8% year-over-year to $8.7 billion, in line with projections. Global comparable store sales increased
Alphabet Inc. (NASDAQ: GOOGL, GOOG) on Thursday reported a 1% increase in fourth-quarter 2022 revenues, with strong contributions from the cloud business. The company, which owns the largest internet search
Harley-Davidson, Inc. (NYSE: HOG) reported fourth quarter 2022 earnings results today. Revenue increased 12% year-over-year to $1.14 billion. Net income attributable to Harley-Davidson, Inc. rose 94% YoY to $42 million,