Home Depot and Lowe’s earnings boosted by pandemic-induced ‘nesting’

When the coronavirus pandemic hit, many Americans not only switched to working remotely and cooking more meals, they began checking off tasks on the to-do list, from painting walls to replacing old appliances.

Home Depot and Lowe’s reported that appetite for home improvement continued in the third quarter, as consumers invested in one of the aspects of life that’s brought comfort: their homes. Both companies expect this trend to outlast the pandemic.

The uptick in DIY projects and home renovations translated to a jump in sales online and in stores. Home Depot’s same-store sales in the U.S., which includes sales online and at stores open at least 12 months, soared 24.6% in the quarter. Lowe’s same-store sales, including online sales and those at stores open at least 13 months, jumped by about 30%.

Like other retailers, the companies have seen a shift toward online spending — with many customers picking

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