Broadlines & Hardlines Retail: HD/LOW Spring Tours Yr 16, Wk 9: Wicked Sticky Boston Weather; HD DIY Inflecting

Research evidence excerpt

Broadlines & Hardlines Retail: HD/LOW Spring Tours Yr 16, Wk 9: Wicked Sticky Boston Weather; HD DIY Inflecting

J P M O R G A N North America Equity Research

17 June 2026

Broadlines & Hardlines Retail

HD/LOW Spring Tours Yr 16, Wk 9: Wicked Sticky

Boston Weather; HD DIY Inflecting

Retailing – Broadlines & Hardlines /

Leisure

Christopher Horvers, CFA AC

(1-212) 622-1316

christopher.horvers@jpmorgan.com

We continued our 16th annual weekly spring HD/LOW cross-country tours Jolie Wasserman

last week in hot and muggy Boston, walking stores on Friday, when temperatures (1-212) 622-1961

jolie.wasserman@jpmchase.com

were summer-like in the mid-70s to low-80s (vs. mid-70s and cloudy/muggy last

Christian Carlino, CFA

year). LOW Weymouth took the top spot this year (once again) on the strongest

(1-212) 622-9145

DIY traffic of the day (led by seasonal), in addition to big ticket traffic (tied with christian.carlino@jpmorgan.com

2 HD locations). J.P. Morgan Securities LLC

Key takeaways: (1) Mixed trends observed YOY. During our visits, overall

traffic was down YOY at 3/6 locations, improved YOY at 2/6 locations, and was HD, HD US

flat at 1/6 locations. Further, DIY seasonal traffic softened YOY at 5 of 6 locations Overweight

we visited (and flat at HD Rockland). More specific to DIY traffic, overall DIY

Price (16 Jun 26): $337.09

outperformed Pro at 4 of 6 locations we visited (all 3 LOW locations and HD

Price Target (Dec-26): $396.00

Rockland), likely influenced by the later-morning timing of our visits (Figure 13).

Further, outdoor garden was the busiest section at 4 stores (2 LOW and 2 HD).

Net-net, we counted ~6 DIY customers per store in the outdoor garden center, on LOW, LOW US

average, vs. ~10 last year, ~13 last month, and the ~38 season-to-date record in Overweight