Home Depot Earnings Drop For First Time In Three Years; HD Cuts 2023 Guidance

Home Depot (HD) earnings fell vs. a year earlier for the first time in three years, though they topped first-quarter views. The Dow Jones home improvement retailer early Tuesday also missed revenue views and guided lower for the full year. HD stock fell modestly. X While home improvement retailers were Covid pandemic winners, more recently, they found favor as defensive plays amid inflation and global recession fears. In the early part of 2023, Home Depot stock rallied along with other housing-related plays as mortgage rates came off highs. But Home Depot and rival home improvement retailer Lowe’s (LOW) have stumbled…