The second quarter of 2024 brought mixed results for major players in the home improvement and hardware sector. Home Depot saw a slight increase in net sales but experienced a 3.3% drop in global comparable-store sales, marking its seventh consecutive quarter of decline. Meanwhile, Lowe’s reported a 5.1% decrease in comparable sales, with DIY spending notably down. However, both companies highlighted the growing importance of professional contractors in driving revenue.
Tractor Supply Company also faced challenges, with a slight dip in comparable-store sales, but managed to improve gross margins by focusing on customer relationships and seasonal merchandise.
As the broader economic environment continues to pressure consumer spending, independent hardware retailers can learn from these outcomes by focusing on pro customers and strategic cost management to navigate current market conditions.
For more detailed insights, read the full Hardware Connection article here.
