The Home Depot and Lowe’s both continued to profit from the home renovation boom during the third quarter of 2021, as each reported significant earnings increases.
The Home Depot reported a 20.3% profit increase compared with the same period last year, with net earnings of $4.12 billion. The retailer’s net sales increased 9.8% to $36.8 billion.
Lowe’s reported net earnings of $1.8 billion in the third quarter, a 173% surge compared with the third quarter of 2020’s $692 million. Net sales for Lowe’s ticked up 2.6% to $22.9 billion.