While the warmer than usual weather in the early months of the year were a detriment to utility companies, those operating in the home improvement stores industry have reported positive quarterly numbers, in part due to the sunshine.
Homeowners plan to do more remodeling and spend more per project this year after delaying improvements, and that is good news for the top two U.S. home-improvement retailers Home Depot Inc. and Lowe’s Cos., an analyst said Monday.
U.S. retailers Gap and Lowe’s announced last week that they will close a combined 209 stores as part of their expansion strategies. Lowe’s will close 20 stores and expects to open 10 to 15 stores per year in North America from 2012 forward. Gap will close 189 stores as well as downsize an undisclosed number of Old Navy stores and expand overseas growth.