Craig’s list: hot sellers at Home Depot
Home Depot’s top merchant spelled out the category gainers during the company’s second-quarter earnings call.
The Atlanta-based home improvement giant yesterday posted strong earnings for the quarter. Executive VP merchandising Craig Menear pointed to three main drivers: “First the core of the store delivered in-line with expectations. Second, record setting warm weather in February and March pulled forward activity that otherwise would have occurred in the second quarter. And, third, we lapped the impact of significant roofing repairs made in the same period a year ago.”
On Menear’s list of departments that outperformed the company’s average comp were decor, lumber, kitchens, paint, electrical, tools, bath, flooring and plumbing.
Double-digit positive compass came from spray paint, laminate flooring and area rugs, he said. “Customers continue to spend on simple decor updates for their home.”
Not everything sold well. The company’s garden business was slightly negative, he said, hurt by drought-like conditions in parts of the country. Also down were comp sales in building materials, “due to tough year-over-year comparisons in roofing,” he said.
Looking ahead, Menear pointed to product upgrades in the works for Home Depot’s Husky brand, including new Husky tool storage solutions. Home Depot is also looking ahead to becoming the exclusive home improvement launch partner for the new Delta brand toilets.
The company will reveal 16 new SKUs of Foundations-branded Delta faucets, “a brand that resonates with our pro customer,” said Menear.