TREX - 1 Reason to Think Trex's Surge Is for Real
Many companies benefited from the stay-at-home restrictions that were implemented during the COVID-19 pandemic. With people spending so much more of their time at home, many decided it was time to spruce up their properties, both inside and out. Sales at Home Depot (NYSE: HD) grew 20% in 2020, and Target 's (NYSE: TGT) comparable sales growth nearly matched that rate at 19.3%.
So it was no surprise when outdoor decking manufacturer Trex (NYSE: TREX) also reported strong 2020 results: Its sales jumped by 18%. That improved business performance helped push Trex's share prices upward by 86% in 2020. And while the rollout of coronavirus vaccinations is already giving many people the ability to get out of the house and safely return to their workplaces and schools, there's one big reason to believe that this surge in Trex's sales is far from over.
Trex Enhance composite decking. Image source: Trex.
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1 Reason to Think Trex's Surge Is for Real