After a year freeze in home improvement, consumers increased spending on refurbishing and remodeling their abodes. Among several indicators of the trend came today when amidst a major downward shift in the market, Home Depot emerged with gains of 1.14 percent. Depot has been doing remarkably well for the whole quarter though, with shares up 11 percent for the month.
Depot competitor Lowe’s was also on the up and up exceeding analyst earning this week and noting that they had less occurrences of having to resort to discounts to get merchandise of the shelves.
On Monday, Lowe’s posted a profit of $205 million or 14 cents a share for quarter that closed in late January. A year ago profits for the quarter topped out $162 million, or 11 cents a share. Sales were also up 1.8 percent to $10.2 billion though same-store sales fell 1.6 percent. Even with the loss though, this marked Lowe’s best sales performance in three years.
Cost cuts also attributed to the positive results according to both stores.
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