This is an article in today's FT.
Home Depot yesterday said surging demand for installation services from Baby Boomers led to a 23 per cent increase in net profits in the fourth quarter.
Services such as roofing, flooring and kitchen-fitting have become an increasingly important business for home improvement retailers as they seek to extend their appeal beyond do-it-yourself enthusiasts.
Bob Nardelli, chief executive, said growth in services was being driven by America's affluent post-war generation as they increase spending on their homes and, in many cases, buy additional properties.
"Baby Boomers are the largest segment of the population and we are seeing a definite move among this group towards do-it-for-me services," he said.
Revenues from services grew by more than a fifth last year and now account for 5 per cent of the company's total.
Average spending percustomer was up nearly 6 per cent at $57.20 as the company sold more high-value items such as home appliances, power tools, garden furniture and Ralph Lauren-branded paint. Dick Stroud
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