The results are in, and it’s clear that the home improvement industry was booming in the second quarter. Both Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW) announced more than 20% sales growth along with soaring profits as consumers redirected spending from categories like eating out and vacationing toward their homes.
Yet for the second quarter in a row, Lowe’s bested its larger rival in some key categories, including revenue gains. Let’s look at that metric and two others that suggest Home Depot has some work to do to close the performance gap between the two businesses.
1. Building on the growth wins
Since he took over the CEO spot in mid-2018, Marvin Ellison, who used to be an executive at Home Depot, has been telling investors that Lowe’s can compete at the top of the home improvement industry.
Ellison finally has some solid sales metrics to support