Here's Why Home Depot Is a Top Retail Stock to Buy Right Now
Home Depot (NYSE: HD) just reported its fiscal 2023's fourth-quarter results, and they were a mixed bag. For the period ended Jan. 28, revenue totaled $34.8 billion, down 2.9% year over year. This missed analysts' expectations by $150 million. While diluted earnings per share of $2.82 also declined, this figure beat estimates.
This top retail stock has soared 18% in the last three months amid a strong market backdrop. But it remains 13% off its peak price. There's an opportunity here for prospective investors to scoop up Home Depot shares and own them for the long haul.
Home Depot posted revenue gains of 19.9% and 14.4%, respectively, in fiscal 2020 and fiscal 2021. The surge in demand can be credited to low interest rates, a robust economic backdrop, and consumers who were flush with cash and ready to tackle larger renovation projects.
Source Fool.com
