Home improvement retail had a great year in 2020. With interest rates helping to drive up home prices, and consumers stuck at their houses as a pandemic spread rapidly around the world, many Americans invested in their homes. Lowe’s sales for the year increased by nearly 25%.
Comp declines across Lowe’s and in its U.S. business “showed a deceleration as DIY consumers return to more normal activities,” Telsey Advisory Group analysts led by Joe Feldman said in a research note. At the same time, the retailer posted sizable growth in its professional segment and “strong comps” in its décor products, which got a boost recently from a series of home décor curation partnerships.
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