The world’s two biggest DIY retailers, Home Depot and Lowe’s, experienced soaring profits in the fourth quarter of 2001.
The companies report increases of 53% and 55% respectively compared to the same quarter in 2000, with Home Depot attributing the rise to greater demand for building materials due to warm weather in November and early December.
Home Depot’s fourth quarter net profits were US$710m from sales totalling US$13.5bn. Its 2001 net profits were US$3bn, an 18% increase on 2000.
