NEW YORK (TheStreet) --Home Depot (HD) reported 2016 financial results beating on both the top and bottom line. The Atlanta-based home improvement retailer reported earnings of $1.61 per share on revenue of $23.15 billion. Wall Street had projected earnings of $1.58 per share on revenue of $23.04 billion.

"You really have to give them credit for putting together an outstanding quarter in what's been a bit of a choppy last few months," Piper Jaffray senior research analyst Peter Keith said on CNBC's "Power Lunch" today.

Noting that while several other home improvement suppliers have missed revenue numbers recently, Home Depot continues to deliver solid numbers across the board.

"They were positive in all categories; they saw their sales trend accelerate through the quarter," Keith noted.

Big ticket same-store-sales, items purchased costing more than $900, increased 11% in the quarter at Home Depot as well, he added. "Really no weakness in their business at this point."

Regarding how Home Depot is finding success, Keith believes it to be correlated with retail locations.

"Home Depot tends to be more centrally located in metropolitan markets and that's where we think you have older housing stock where a lot of the renovation activity is taking place," he said. That, along with the leadership of the management team are equating to great execution.

However, despite the results posted today the stock has declined in trading.

"We think what you're seeing today represents our concern on the stock, which is just buyer fatigue in the remodel space," Keith noted.

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