Home Depot Beat Earnings But Digging Deeper Finds HD Stock Has A Problem!
Home Depot (HD) defied the odds in Q1 and cruised past EPS and revenue expectations, demonstrating that a spending boom for home improvement projects remains alive and well. What's especially interesting about Home Depot’s performance is that it contradicts an earnings miss from Walmart, which cited a change in consumer spending habits as the main factor for its shortfall. More specifically, the company stated that the rate of inflation on food pulled spending away from general merchandise categories. This begs the question, why didn't Home Depot experience a similar drop-off in demand for its discretionary products? Well, you have to dig a little deeper and that is when you find something wrong.
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