Ace Hardware CEO says demand in home improvement will ‘stick’ after pandemic despite supply shortages
Ace Hardware sees record earnings amid supply, labor shortages
Homebuilders opening their wallets more amid rising costs for lumber and other materials, but consumers aren't slowing down.
Ace Hardware CEO John Venhuizen, told FOX Business on Friday there’s a renewed interest in preserving homes, as the company sees record earnings amid supply and labor shortages.
Venhuizen added the demand for home improvement will "stick" around after the coronavirus pandemic, as more people get vaccinated and friends or family will look forward to reuniting again during backyard barbecues.
LOWE'S GROWTH LAGS HOME DEPOT IN HOME IMPROVEMENT BATTLE
"A huge amount of my appreciation goes to the ACE team in our local stores for being able to operate in that environment, safely, protecting their people, safeguarding their customers, and yet still really almost flawlessly executing," the ACE Hardware president mentioned.
Despite the company benefitting from the housing boom, Venhuizen argued there’s a "distorted and disrupted market with elevated demand, limited supply," that creates challenges for operation.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Inflation is here, whether it be lumber or the price of raw materials that make up the components of what a lot of retailers are selling these days," Venhuizen added. "We dive into the components of those products to try to drive that back into the supplier so that we can insulate our customer."
CLICK HERE TO READ MORE ON FOX BUSINESS
Ace Hardware CEO said his "hat’s off" to the team for doing an incredible job during tough times.