On Tuesday, Home Depot Inc said it will spend around $1 billion more on employees' pay annually.
Business Insider said the company is benefiting from a surge in demand for tools, paint, and building materials in the COVID-19 pandemic.
Overall net sales increased 23.2% to $33.54 billion, beating analysts' estimate of $32.04 billion.
Home Depot have provided staff with temporary weekly bonuses and more hours of paid time off.
The company said some of these will now become permanent, it said.