HD/LOW Spring Tours Yr 16: That’s All Folks! Spring Season in Review; Weather/HD DIY Turning with a Favorable July 4 Weekend Expected

研报英文原文证据摘录

HD/LOW Spring Tours Yr 16: That’s All Folks! Spring Season in Review; Weather/HD DIY Turning with a Favorable July 4 Weekend Expected

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

26 June 2026

Broadlines & Hardlines Retail

HD/LOW Spring Tours Yr 16: That’s All Folks! Spring

Season in Review; Weather/HD DIY Turning with a

Favorable July 4 Weekend Expected

As detailed below, we completed our 16th annual spring HD/LOW store tours, Retailing – Broadlines & Hardlines /

walking stores across New Jersey, Philly, DC, Boston, and Chicago this season Leisure

over 10 weeks, collecting data on big ticket trends, Pro vs. DIY traffic, LOW Christopher Horvers, CFA AC

Carhartt/Pet expansions, and holiday promos, in addition to analyzing key home (1-212) 622-1316

improvement laterals from NielsenIQ, Circana, Numerator, and WTI. christopher.horvers@jpmorgan.com

Jolie Wasserman

Key takeaways from the 2026 spring season include: (1-212) 622-1961

jolie.wasserman@jpmchase.com

• (1) Overall traffic was soft with muted DIY and Pro trends on persistent Christian Carlino, CFA

macro pressures and “meh” weather. DIY traffic consistently (1-212) 622-9145

outperformed Pro, but weather is improving. On average, net traffic christian.carlino@jpmorgan.com

worsened YOY during 7/10 store tours and improved at 3/10, in-line with our J.P. Morgan Securities LLC

view of macro headwinds and (primarily) unfavorable spring weather in key

periods. Muted trends were seen on both the Pro and DIY sides, although

HD, HD US

overall DIY traffic exceeded Pro during all 10 store tours. Indeed, DIY

seasonal traffic was “okay not great” with outdoor garden traffic weaker YOY Overweight

at 4/10 store tours, in-line at 4/10, and better at 2/10, indicative of somewhat Price (25 Jun 26): $345.00