Analysts expect the Atlanta, Ga.-based home improvement retailer to post fourth quarter earnings per share of $1.10 on sales of $20.39 billion. During the same quarter last year, the company posted net income of $1 a share with revenue of $19.16 billion.
"We're in the sweet spot for Home Depot -- this is the season," Cramer said. "This is when people do their gardening and when people have an optimistic view. Home Depot's stock has come in and there's a household formation story."
Cramer said the strongest part of consumer spending is is housing. "Just hope that Home Depot comes in -- it could be a great opportunity," he added.
U.S. retail sales, an important gauge of consumer and economic health, rose 0.2% in January and 3.4% over the past 12 months, according to a recent report by the U.S. Census Bureau. Spending on building materials and gardening equipment posted a 0.6% increase during the month. Low gasoline prices have also added to the amount of discretionary income consumers have available.
Cramer also pointed to his interview with Todd Teske, the CEO of Briggs & Stratton(BGG) - Get Report , which makes lawn mower engines and power washers. On CNBC's "Mad Money" program, Teske was bullish about his company's outlook.
Shares of Home Depot have declined by 6.6% since the start of the year, while the broad S&P 500 fell by 5%. The stock is up 10.4% since its recent low on Feb. 8. Shares of Briggs & Stratton have gained 24.6% year-to-date.