The home improvement retailers, however, will have to overcome rising interest rates and compete for consumers’ attention.
reported a stronger-than-expected fiscal first quarter last week, saying that consumer purchases at its largest retailers rose 9% in dollars and 3% in units versus a year ago, on top of double-digit growth in the year-ago period. Nearly 40% of the company's total sales come from Lowe's and Home Depot.
Since the start of the pandemic, Lowe's shares have risen 120% and Home Depot's shares have risen nearly 60%. "We're craving not just new, but spice, a pizzazz, an energy," he said."We're craving something that's even more." Analysts' average price target is $277.53 for Lowe's and $422.16 for Home Depot, as they larely anticipate growth in the coming year.
Home Depot is gearing up for anticipated demand with more hiring than usual: It plans bring on 100,000 full- and part-time employees for the season, a 25% increase from previous years. As it competes in a tight labor market, the company said it will throw a virtual spring career day on Feb. 16 and speed up the process so it can make a job offer in as little as one day of applying.
Lowe's is offering new loyalty program perks like free snacks, gift cards and even a chance to win a Ford F-Series pick-up truck. Home Depot recently relaunched its own loyalty program for pros.
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