In the last five years, shares of Home Depot (NYSE: HD) have climbed by 96% (as of Jan. 10), nearly doubling investor capital. This gain beat the 84% rise of the S&P 500 during the same period, proving that even some of the largest and most widely followed businesses can make for solid investment opportunities.

This performance might prompt some investors to rush and add Home Depot to their portfolios without hesitation. But before you buy this top retail stock in 2024, here are four things you need to know.

In fiscal 2020 and 2021, Home Depot registered 19.9% and 14.4% revenue growth, respectively, a huge acceleration from prior years. The pandemic proved to be a tailwind that boosted demand for home improvement projects.

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Source Fool.com