A boom in home renovations amid the pandemic will drive record sales growth for home improvement chains Home Depot, Lowes, according to Bank of America
That conclusion led to the bank increasing its second quarter earnings estimates for both Home Depot and Lowe's.
According to the note, BofA has expected a cool down in home improvement sales trends given the recent "extreme strength," but that dip has not come to fruition yet, probably due to pent-up demand in the home improvement space because of COVID-19. Second, popular home improvement projects that have popped up due to COVID-19 have pushed incremental demand. Those projects include building garden beds to grow food, adding a guest room or home office, and enhancing outdoor spaces.
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