To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionHome Depot sales rise $21b in one year, more than 19 years of growth
COVID-19 has confined people to their houses, which has led to a boom in home improvements and created record earnings for Home Depot.
In 2020, home improvement sales in the United States amounted to some $400 billion. By 2024, this amount is expected to reach more than $500 billion U.S. dollars, according to date by Statista. With sales exceeding the $110 billion mark, The Home Depot was the leading home improvement chain in the United States in 2019. Other large chains in the industry include Lowe’s, Tractor Supply and 84 Lumber.
The Home Depot reported fourth-quarter net sales rose 25.1 percent year-over-year to $32.3 billion, while comparable sales rose 24.5 percent. U.S. comps increased 25 percent in the period.
“At the beginning of the year, I would have never thought it possible for the business to grow over $21 billion in 2020. For cont
