Home improvement retailers Home Depot and Lowe’s both continued to benefit from the construction boom in 2021, each reporting profit surges for the fiscal year.
The Home Depot reported net earnings of $16.4 billion for fiscal 2021, a 27.7% increase from 2020. Net sales for the company’s fiscal year grew 14.4% to $151 billion.
Lowe’s reported net earnings of $8.4 billion for fiscal 2021, a 44.6% surge compared with 2020 earnings. Lowe’s net sales jumped 7.4% for the fiscal year to $96 billion.
“We remain confident in the long-term strength of the home improvement market, and our ability to expand operating margin,” Lowe’s Chairman, President and CEO Marvin Ellison said in a statement.
Lowe’s and Home Depot also saw increases in both sales and earnings for the fourth quarter of 2021.
