It's a good time to be in the DIY business. This week home improvement retailer Home Depot reported that revenues in its latest quarter were up 33% on this time last year, which is a pretty remarkable result for a company that's used to growing at 5-10% in a decent year.
It's no secret why home improvement has become more popular. Lockdown was the perfect excuse for people to take on home renovation projects that they'd previously not had the time to do — and with movement restrictions that meant they had to do the improvements themselves. Chuck into the mix a wave of folks building home offices or workstations and you've got the perfect cocktail for the home improvement industry.
The I word
As well as getting a lockdown bump, Home Depot President Ted Decker was quick to mention the "I word" — that inflation played its part in the Home Depot revenue numbers — citing higher lumber prices as a factor (something we wrote about here).
