Home Depot sees opportunity in tool rental

Home Depot Inc. has seen its tool rental company with professionals in recent years, but managers say there is still room for further growth.

"We know 90% of professional rental tools, but several years ago, just about one in 10 pros rented from us," Craig Menear, Home Depot & # 39; s

HD, + 0.83%

CEO, said the earnings call, according to a FactSet transcription. "Today, this number has been improved to one in four, but there is still the possibility of further growth as we continue to invest in the tool rental experience."

Home Depot said it has "the largest number of tool rental centers in North America" ​​with about 1[ads1]100 locations in its stores.

Home Depot joins a number of companies that see income streams in rental.

Read: Kohls shares fall as campaigns and shipping costs weigh

In the dressing sector, Rent the Runway has become the best known name in the rental game, and has reached a value of $ 1 billion as a result. according to The Wall Street Journal. Urban Outfitters Inc.

URBN, + 2.47%

American Eagle Outfitters Inc.

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