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Is it Time to Take Your Profits From Home Depot Inc. (HD) Stock?

Despite inflation and supply chain disruptions, home improvement retailer The Home Depot Inc. (NYSE: HD) is increasing revenues.

Home Depot Inc. (HD) announced its best-ever first-quarter earnings on Tuesday, May 17. Even with less traffic, rapid expansion was conceivable. The company’s sales increased by 3.8 percent year over year to $39 billion in the first quarter of this year. Although the increase appears to be minor, it is worth noting that the Home Depot retail chain was one of the “victims” of the epidemic and shutdown. 

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Millions of Americans have remained at home and begun to improve their living conditions. Last year, this enabled the corporation to produce almost $150 billion in sales. Even if limits are relaxed, sales are increasing, indicating that Home Depot Inc. (HD) is still in a good position. The company’s net earnings increased to $4.2 billion, beating forecasts on Wall Street. 

Despite inflation, US homeowners, according to Home Depot management, still have tremendous purchasing power. In the first quarter, for example, the average customer check at Home Depot increased by more than 11% year over year. This helped to compensate for the expected losses caused by traffic declines of more than 8%.

Home Depot Inc. (HD) cautioned early this year that sales growth would be limited for the year, and the company’s first-quarter statistics back up that prediction, with revenue growth estimated to be about 3%. It’s worth mentioning that Home Depot’s overall condition is good.

According to the US Department of Commerce, retail sales increased 0.9 percent in April compared to the previous month, despite inflation nearing a 40-year high. During the summer vacations, when spending preferences may shift, Home Depot Inc. (HD) is expected to see some slowdown. Despite inflation, the long-term prognosis for Home Depot is usually good.

HD stock has a year-to-date return of -30.66 percent. Its seven-day performance, however, is -0.67 percent. The stock’s price index has declined -8.69 percent in the last month, and it has dropped -17.30 percent in the last three months. Its six-month performance was -27.12 percent, while its 52-week performance was -8.91 percent.

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