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A new article from The Wall Street Journal explores the heights home improvement has reached since the start of the COVID-19 pandemic.
Both Home Depot and Lowe’s posted their second-highest sales figures since the start of 2020, demonstrating ongoing home improvement market opportunity. Home Depot’s comparable store sales grew to 31 percent, the highest level since the pandemic began.
The Journal explores fears that home improvement growth may have been hampered by external factors. One fear centered around inflation of building materials prices potentially stalling construction and renovation activity. Lumber, which has seen significant price increases in the past year, remains one of Home Depot’s top-selling categories, the article notes.
Another concern was that sales from DIYers would taper off following 2020 momentum. DIY demand still appears to be going strong, though both Home Depot and Lowe’s confirmed stronger demand from pros.
Check out the full first-quarter 2021 financial results from Home Depot and Lowe’s below.
The North American Hardware and Paint Association is inviting independent home improvement retailers across the U.S. to participate in the 2021 Cost of Doing Business Study. Learn more about the industry’s annual benchmarking tool and discover how participating can give you unparalleled insight into your operation.
