{"id":75930,"date":"2024-06-24T15:19:02","date_gmt":"2024-06-24T19:19:02","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/home-depot-vs-lowes-home-improvement-leaders-growth-to-recover-next-year-in-1-trillion-market\/"},"modified":"2024-06-24T15:19:02","modified_gmt":"2024-06-24T19:19:02","slug":"home-depot-vs-lowes-home-improvement-leaders-growth-to-recover-next-year-in-1-trillion-market","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/home-depot-vs-lowes-home-improvement-leaders-growth-to-recover-next-year-in-1-trillion-market\/","title":{"rendered":"Home Depot vs. Lowe\u2019s: Home improvement leaders growth to recover next year in $1 trillion market"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a021a7861934]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a021a7861934'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Home Depot vs. Lowe\u2019s: Home improvement leaders growth to recover next year in $1 trillion market<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a021a78678be'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">June 24, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a021a7869aab'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This analysis is by Drew Reading, Lead Analyst, Homebuilding &amp; Home Improvement, US, and Mike Campellone, Contributing Analyst, Credit, US.\u00a0It appeared first on the Bloomberg Terminal.<\/em><\/p>\n<p>Investments from a position of strength will enable Home Depot and Lowe\u2019s to capitalize on a rebound in-home improvement spending that we think will emerge in 2025, with sales rising mid-single digits. While both retailers stand to benefit, Home Depot\u2019s outsized exposure to pros could fuel stronger growth amid expectations for the segment to outpace DIY customers. Lowe\u2019s has done well to narrow the operational gap with its rival, which is reflected in its relative stock performance and slimmer valuation discount.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1201573499907102302\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a021a786e1da'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Key takeaways<\/h2>\n<p>\u2022 Industry Rebuilds From 2024 Bottom: The $1 trillion North America home-improvement industry may return to growth in 2025, climbing mid-single digits after two years of declines. Our intermediate-term view is underpinned by a rebound in existing home sales from trough levels, $32 trillion in homeowners\u2019 equity and the oldest US housing stock on record.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"460\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/home-improvement.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"US home improvement spending\" title=\"home-improvement\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/home-improvement.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/home-improvement.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/home-improvement.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/home-improvement.jpg 875w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<ul>\n<li>Professionals Propel Industry Growth: The $500 billion market for pro contractors is projected to fuel industry growth over the next five years, climbing 4.4% annually vs. 3% for the DIY segment, according to HIRI. This should support higher sales growth at Home Depot given its 50% exposure\u2013 vs. 25% for Lowe\u2019s &#8212; and $18 billion deal for SRS Distribution, which will accelerate its push among larger pro customers.<\/li>\n<li>Brick and Mortar Evolution Continues: Home Depot is embarking on its first meaningful store expansion in over a decade &#8212; adding 80 new stores through 2027 \u2013 to tap underserved markets while relieving pressure in congested locations, supporting sales and productivity. Conversely, Lowe\u2019s has reduced its footprint through the sale of its Canadian operations and is testing new concepts with rural assortments and outlets to drive sales.<\/li>\n<li>Double-Digit Penetration Hammers Peers: Online penetration of 15% of total sales for Home Depot and 12% for Lowe\u2019s stand far above the industry\u2019s 8%, as the big-box peers leverage merchandising and supply-chain investments to grow channel share faster than smaller names. Lowe\u2019s online penetration may reach the midteens and Home Depot the high teens in the next few years, contributing to above-industry sales growth.<\/li>\n<li>EPS Accelerates, Depot Leads Long Term: Home Depot and Lowe\u2019s EPS should rebound in 2025, with our analysis suggesting mid-to-high-single-digit growth for both after a challenging 2024. Longer term, Home Depot\u2019s aggressive push into the complex pro market and resumption of buybacks after a period of deleveraging could fuel more robust gains.<\/li>\n<\/ul>\n<p><strong>Already a customer? Access the full report <\/strong><a href=\"https:\/\/blinks.bloomberg.com\/news\/stories\/SF0MU4DWRGG0\"><strong>here<\/strong><\/a><strong>.<\/strong><\/p>\n<p><strong>Not a terminal user?<\/strong> <a href=\"https:\/\/www.bloomberg.com\/professional\/solution\/bloomberg-terminal\/\"><strong>Click here<\/strong><\/a><strong> to learn more.<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h6>Disclosure<\/h6>\n<h6>This is a synopsis of the full report. The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and Bloomberg data products (the \u201cServices\u201d) are owned and distributed by Bloomberg Finance L.P. 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Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to \u201cbuy\u201d, \u201csell\u201d or \u201chold\u201d an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. Absence of any trademark or service mark from this list does not waive Bloomberg\u2019s intellectual property rights in that name, mark or logo. All rights reserved. \u00a9 2024 Bloomberg.<\/h6>\n<h6>Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. 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in 2025.<\/p>\n","protected":false},"author":1679,"featured_media":75961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[453,444],"tags":[565],"series":[],"class_list":["post-75930","post","type-post","status-publish","format-standard","hentry","category-markets","category-trading","tag-bloomberg-intelligence","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Home Depot vs. Lowe\u2019s: Home improvement leaders growth to recover next year in $1 trillion market | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Investments from a position of strength will enable Home Depot and Lowe\u2019s to capitalize on a rebound in-home improvement spending that we think will emerge in 2025.\" \/>\n<meta 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