The company’s Pro Xtra loyalty program provides member-only benefits, including volume pricing, exclusive product offers, paint rewards, and perks. The Pro Xtra Credit Card will have the option to be linked to the Pro Xtra loyalty program so that registered customers can earn Pro Xtra Perks four times faster on card purchases. With the expanded commercial credit program, the company expects to assist its Pro customers in saving both time and money. The credit options will be powered by Citi Retail Services, one of North America's largest and most experienced retail credit solution providers. The new card features a revised Commercial Revolving Charge and updates to its Commercial Account Card. Recently, Home Depot augmented the commercial credit offerings for Pro customers and their businesses through the launch of The Pro Xtra Credit Card. The company expects its differentiated Pro ecosystem to help in deeper engagement with Pro customers in the long term. Home Depot remains on track with its strategic investments to build a Pro ecosystem, including professional-grade products, exclusive brands, enhanced delivery, credit, digital capabilities, field sales support and HD rental. The company expects continued sales growth from Pros as project demand remains strong and their backlogs are growing. In the quarter, HD witnessed strength in several Pro-heavy categories like drywall, pipe and fittings, and several mill-work categories. Growth in the Pro segment reflects significant demand for larger projects in the home improvement industry. Home Depot’s Pro segment has been a key growth driver, with the Pro segment witnessing robust sales growth for the past several quarters. Image Source: Zacks Investment Research Pro Business Remains Strong The stock comfortably outpaced the S&P 500’s growth of 21.6% and the Retail-Wholesale sector’s decline of 16.3% in the same period. It remains on track with the execution of the “One Home Depot” investment plan, which bodes well.ĭriven by the factors, the Zacks Rank #1 (Strong Buy) company’s shares have rallied 33.8% in the past year compared with the industry’s growth of 33.3%. Home Depot is also benefiting from its digital momentum and ongoing investments. Continued strength in the segment is likely to go a long way in driving the stock’s growth in 2022.Īdditionally, the company remains poised for growth in 2022, driven by the momentum in the home improvement industry, which has been benefiting from sustained demand for home-improvement projects and a robust housing market. Its efforts to fortify the offerings for Pro customers have contributed significantly to this growth. The company’s Pro segment’s sales have been outpacing DIY sales for the past several quarters.
HOME DEPOT PRO PAINT REWARDS PROFESSIONAL
The Professional (“Pro”) customers have been the key to The Home Depot Inc’s HD growth over the past several years.
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