Home Depot and Lowe’s Back in Business in Florida after Irma Clears Out

Home Depot and Lowe’s shares rose 4% over the past two weeks, as investors expect increases in sales before and after Irma. Both retailers donated money to the Red Cross prior to the storm, and now are opening stores to help rebuilding efforts, which will also help their quarterly sales. The retailers both pre-stocked stores before the hurricane for pre-storm supplies and to be ready quickly once the storm had passed. Their ability to provide these supplies quickly will help the rebuilding effort. Lowe’s is sending more than 500 truckloads into the state now. Both Lowe’s and Home Depot have price-freeze policies in place, as they do not raise prices during disasters. While some of their Florida stores may have sustained damage themselves that may be costly, typically storms increase the bottom line for home improvement retailers overall. Generators, plywood, water and gas cans are in big demand.

Sources: Wall Street Journal

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