Home Depot, known for its home improvement products, is investing heavily in its online decorating business as more homeowners turn to DIY projects.
The company says HD Home's selection includes home furnishings, wall decor, home accents, housewares, tableware and even cookware, all available online. Home Depot said these products are designed to help people complete their projects and rooms, adding that the home decor selection has grown significantly.
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Home Depot's profits beat expectations, payroll costs rise by $1 billion, stock price falls
Home Depot CEO Ted Decker said in an earnings call that Home Depot is “focusing on several home décor categories” as part of “strategic investments.” Ta.
The company's trends and design team has found that customers are more interested in items that are “from the comfort of their home,” which the company says falls into the home decor category.
And with consumers stuck at home more than ever due to a resurgence of incidents, having a comfortable living space is proving even more important.
Indeed, while many retailers continue to struggle with virus-related closures and limited production capacity, Home Depot is benefiting from the do-it-yourself boom. Sales soared 23% in the three months to June.
FOX Business previously reported that compared to the same period in 2019, the company posted the strongest quarterly revenue growth in nearly 20 years, with total revenue of $38.1 billion.
Home improvement projects accelerate due to coronavirus, and sales at home improvement stores soar
Decker said online traffic is at “record levels” and the company is experiencing “significant and outsized sales growth” with HD Home.
“As consumers shop at fewer and fewer retailers, our research shows that customers are increasingly turning to HomeDepot.com for help with finished projects such as room décor and textiles. We found out that there are,” Decker said.
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But Home Depot isn't the only company benefiting from at-home DIYers.
Rival Lowe's said in its latest earnings report that online sales rose 106% and sales at stores open at least a year rose 30.4%.
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