HOME DEPOT: Hurricane Matthew was great for our business

Hurricane matthew damage fix repairJoe Raedle/Getty ImagesWorkers inspect the damage to a building from the high winds of Hurricane Matthew on October 8, 2016 in Daytona, Florida.

Typically when reporting quarterly earnings, executives for companies cite weather as a negative for their business. Warm weather in the winter hurts cold weather apparel sales, wet weather in the summer hurts paint sales, and so on.

Home Depot, however, had the opposite reaction to Hurricane Matthew. According to the company’s quarterly earnings call Hurricane Matthew — which brought damage and flooding to Florida, Georgia, and the Carolinas — actually was a huge benefit to the company’s performance in the third quarter.

“As [CEO] Craig [Menear] mentioned our vendor partners, supply chains, and supply teams rallied to support our customers impacted by Hurricane Matthew and the flooding in Louisiana,” said Edward Decker, executive vice president for merchandising at Home Depot.

“Through strong collaboration, we were able to get products to our communities in their time of need. We estimate the impact of storm-related sales to be approximately $100 million.”

This makes sense, as people needed to repair their homes after the storm, but it still pales in comparison to the roughly $6 billion in damage and the 26 lives lost in the US due to Hurricane Matthew.

It’s unclear whether the boost for Home Depot came from direct spending by consumers or government clean up operations buying from the retailer.

Home Depot beat on both sales and earnings in its quarterly results, partly due to the improved housing market, but also from the surge in activity caused by the bad weather.

NOW WATCH: JACK DANIEL’S MASTER DISTILLER: This is the real difference between scotch, whiskey, and bourbon

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.