Why Home Depot's Lower Guidance Shouldn't Worry Investors
Home improvement giant Home Depot (NYSE: HD) spooked investors last week after it reported underwhelming earnings and adjusted its guidance downward for the year. A slowdown in consumer spending is finally starting to hit the retailer hard.
But despite the near-term trouble, investors should stay the course and keep Home Depot's stock in their portfolios, or even consider adding it on the current weakness. Here's why it can be a great buy right now.
On May 16, Home Depot released its first-quarter numbers while also updating guidance for fiscal 2023. The results were concerning to investors as sales of $37.3 billion for the period ending April 30 were down 4.2% year over year. Comparable sales were also down 4.5%.
Source Fool.com
