** Shares of major U.S. home improvement companies decline in 2025, as cash-strapped customers cut back on DIY projects and big-ticket renovations
** Despite easing mortgage rates in recent months, elevated home prices, still-high borrowing costs and trade policy uncertainty under President Donald Trump deter spending
** Tariff-induced price hikes hurt sales at Home Depot HD.N and Lowe's LOW.N; HD down 11% YTD, LOW down 1.5%
** Smaller rival Masco MAS.N slides 11.5% YTD; RH RH.N falls ~54% in biggest yearly decline since 2016
** Pottery Barn-owner Williams-Sonoma WSM.N dips 2% YTD after two years of strong gains
** Wayfair W.N bucks the trend, rising more than two-fold YTD in biggest increase since 2020, helped by customer loyalty programs, growing retail stores and aggressive promotions
** "While the long-term thesis for a robust home improvement market is underpinned by an aging housing stock, life cycle progression, and expectations for lower interest rates… we still don't expect material changes in demand in the near term" - Gordon Haskett analyst Chuck Grom
** S&P 500 Home Improvement Retail index .SPLRCRETS down 8.5% YTD, while broader S&P 500 .SPX is up 17.3%
Company | RIC | 2025 YTD | 2024 | 2023 |
Home Depot | HD.N | -11% | 12.3% | 9.7% |
Lowe's | LOW.N | -1.5% | 10.9% | 11.7% |
Masco | MAS.N | -11.5% | 8.4% | 43.5% |
Floor & Decor Holdings | FND.N | -38.5% | -10.6% | 60.2% |
Williams-Sonoma | WSM.N | -2% | 83.6% | 75.6% |
RH | RH.N | -54% | 35% | 9.1% |
Wayfair | W.N | 128% | -28.2% | 87.6% |
(Reporting by Sanskriti Shekhar and Koyena Das)
((Sanskriti.Shekhar@thomsonreuters.com;))