U.S. Home Improvement Retail (HD, LOW): Big Ticket Tracker for May: Slight Improvement While Other Price Points Mixed

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U.S. Home Improvement Retail (HD, LOW): Big Ticket Tracker for May: Slight Improvement While Other Price Points Mixed

Equity Research

12 June 2026

U.S. Home Improvement Retail (HD, LOW)

Big Ticket Tracker for May: Slight

Improvement While Other Price

U.S. Broadlines, Hardlines & Food RetailPoints Mixed

NEUTRAL

Our analysis of HD/LOW’s transactions by price point using U.S. Broadlines, Hardlines & Food

RetailBarclays card data shows that May big ticket trends improved

slightly vs. Q1, which is an important signal on its own, Seth+1 212Sigman526 7417

although medium ticket slowed and May overall still seemed seth.sigman@barclays.com

BCI, US

mixed due to weather. There is a lot of the season still ahead.

Oliver Hu

+1 212 526 6180

oliver.hu@barclays.com

Serena E Shalam

THE EXTEL SURVEY IS CLOSING SOON +1 212 526 3492

serena.shalam@barclays.com

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analysts with 5-Star votes in Data Science & Applied AI

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Key message: We monitor big ticket as a key signal of the recovery after multiple years of

underperformance. The multi quarter trend continues to improve, with May specifically

improving modestly sequentially vs. Q1 and the exit rate. This continues to be driven by big

items as opposed to big projects that remain pressured. We continue to frame the recovery as

very gradual. Trends across other price points seemed more mixed in May, and weather may be

a factor. We are just one month into Q2, and there are some big sales events coming up in June/

July like Father's Day and July 4th that seem key to the quarter.

Key points: