April 4, 2023 | Warren Shoulberg
The home improvement giant has grown its revenue in this key category from its sixth largest classification to now its fourth biggest over the past decade.
Everyone knows Home Depot is the biggest retailer in the home improvement sector but a recent analysis of their business over the past decade shows a dramatic rise in the amount of revenue generated by their lumber sales, particularly as it relates to other merchandise classifications.
According to company reports, which break out the DIY chain’s sales by category, lumber was its fourth largest business in 2022, at $13.46 billion in annual revenue. As such, it only trailed indoor garden ($14.99 billion), appliances ($14.46 billion) and electrical and lighting ($13.75 billion). Plumbing ($12.60) rounded out the top five.
Ten years ago, lumber was only the sixth largest merchandise category at Home Depot, with annual sales of $5.82 billion. The top five categories were electrical/lighting, indoor garden, paint, kitchen & bath and outdoor garden.
Since 2013 overall company sales have nearly doubled from $78 billion to $157 billion in fiscal 2022.
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