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By Jeremy Glaser | 08-18-2009 02:00 PM

Home Stores Will Emerge from the Basement

Equity analyst Brady Lemos thinks that a potential bottom in the housing market could be signaling a bottom for home improvement retailers Home Depot and Lowe's.

Jeremy Glaser: I'm Jeremy Glaser with Morningstar.com. The home improvement retailers have been some of the hardest hit during this recession. I'm here to discuss Home Depot and Lowe's results with retail analyst Brady Lemos. Brady, thanks for joining me.

Brady Lemos: Thanks for having me.

Glaser: What in these results was surprising to you this quarter?

Lemos: In this quarter, Home Depot actually outperformed Lowe's on a same store sales basis. That was the most surprising. We think a lot of it had to do with the fact that Lowe's product mix has more appliances, they have a higher average ticket, and I think in this environment that was negatively reflected in Lowe's results.

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