ATLANTA AND MOORESVILLE, N.C. — Atlanta-based Home Depot and Mooresville, N.C.-based Lowe’s Cos. Inc. both had strong fourth-quarter sales despite the COVID-19 pandemic. The CEOs of both firms cited increased demand for home improvement products as the catalyst behind their sales jumps.
Home Depot’s (NYSE: HD) sales increased 25 percent year-over-year for its 2020 fiscal fourth quarter, which CNBC reports outperformed the 19.2 percent growth that analysts were expecting. Home Depot’s fiscal fourth-quarter 2020 ended on Jan. 31, 2021. Home Depot’s digital sales rose 83 percent in the fourth quarter compared to a year ago.
Lowe’s (NYSE: LOW) sales increased 28.1 percent in the fourth-quarter fiscal year 2020, which also outstripped expectations of 22 percent growth, according to CNBC. Lowe’s fiscal fourth quarter 2020 ended Jan. 29. The retailer’s e-commerce sales jumped by 121 percent, while all merchandising departments saw 16 percent growth.
According to CNBC, Home Depot gets 45 percent of its sales from professionals, such as electricians and contractors, while the rest come from unprofessional, do-it-yourself customers. This was higher than Lowe’s, which gets 20 to 25 percent of its total sales from professional individuals.