Jim Cramer, the host of CNBC’s “Mad Money,” has urged investors to maintain their positions in Home Depot Inc. (NYSE:HD) despite the company’s underwhelming quarterly performance.
What Happened: Cramer, on Wednesday, highlighted the importance of patience and confidence in Home Depot, despite the company’s recent lackluster quarter. The home improvement retailer reported a nearly 3% drop in quarterly sales compared to the previous year, CNBC reported.
“Sure, the quarter wasn’t great, but the conference call commentary I found encouraging, which is why I’m willing to be patient and hold on to Home Depot,” Cramer said. “Remember, you can’t wait for the actual turn, you have to get in ahead of time or you’ll miss the move.”
Home Depot’s Chief Financial Officer, Richard McPhail, attributed the decline in sales to falling lumber prices and interest rate hikes. Despite these challenges, the company sees potential for future growth.
Cramer found the company’s outlook to be “appropriately conservative,” indicating that Home Depot is optimistic but not yet ready to declare a definitive turnaround. He was particularly encouraged by CEO Ted Decker‘s candid comments …
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