Fast Money Blog- 8/18/23

Wall Street's attention this week was on Home Depot, Inc. (HD) as the company released it’s Q2 2023 earnings report on Tuesday, August 15th. 

Top-line quarterly revenue totaled $42.9 billion, down 2% year-over-year. 

Comparable store sales and comparable U.S. sales also fell 2% from the same period a year ago.  

Like many other sectors, home improvement companies have seen a minor pull-back in the sales boom during Covid, due to higher prices, rising interest rates, and uncertainty about the economy.

Home Depot also announced a new $15 billion share repurchase program beginning immediately. 

Home Depot Q2 were outstanding and here’s why:

• The business remains strong because their same store sales nation-wide are robust. 

• The board of dir which means they are shrinking the float and collecting more of their dividends. 

• They forecast for future revenue growth was very positive. 

• The company pays a dividend of over $2 per share per quarter

All of these reasons make Home Depot stock a great long-term date.

Tyrone Jackson

The Wealthy Investor