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Home Depot Withstands Ill Retail Winds

Betting against home-improvement stores over the past few years has been a mistake. That isn’t likely to change, despite gloom about retailers.

Home Depot Inc. HD -0.79 % and Lowe’s LOW -0.52 % Cos. have largely been insulated amid an improving housing market and Americans’ willingness to spend on home-improvement projects. And with people moving more now thanks to appreciating home values and low mortgage rates, they are also spending more to refurbish dwellings.

Helping matters, home-improvement retailers haven’t felt the full brunt from Inc. and other online retailers, who continue to swipe share from department and apparel stores.

Home Depot and Lowe’s, which report...