A Canadian home improvement retailer is buying wood TV sets and shelves for $4.6 million, marking the latest in a series of deals aimed at boosting home sales in the country’s industrial heartland.
Home Depot has acquired more than 60 home improvement brands, including home depot, home depot products, and home depot accessories, according to company filings with the Canadian Securities Administrators.
The retailer has sold nearly 1.5 million wood TV units, which is more than double the amount sold in 2015, the filings show.
Home depot is a specialty furniture and kitchen appliance retailer based in Victoria, British Columbia.
The company reported a net loss of $1.9 billion for the fiscal year ended Dec. 31.
Home Depot had $13.8 billion in revenue last year.
Home Improvement Brands Inc. said last month it would buy up to 100 million wood products and accessories by 2019.
The acquisitions mark the latest push by the company to tap into a market that is expected to grow at a compound annual growth rate of 9 per cent to 12 per cent between 2021 and 2025.
Home owners are starting to look for cheaper alternatives to wood and other durable materials, said Brian Janssens, senior economist with BMO Capital Markets in Toronto.
Home improvement retailer Home Depot has been buying up wood TV, shelves, TV panels and other home products for more than a decade, according of filings with Canada’s securities regulators.
The deals will add to the retailer’s home improvement inventory in the U.S. and U.K., and a surge in the price of wood has pushed up the value of homes with them.
Home depot said it expects the investments to be fully funded by the end of 2019.