Stocks are moving higher so far in 2023, but many of them are still way off their highs. In fact, some of the best tech stocks are still struggling because the economy is still stubbornly in limbo. Inflation looks like it's slowing down, but the surge is still crushing consumer wallets.

This is where you can put into practice all of those adages you've learned before. Be patient, have a long-term outlook, buy low and sell high, and (according to that Warren Buffett nugget) be greedy when others are fearful. 

Investors received many earnings updates last week, and they confirmed that some of the best stocks are still woefully below what their potential indicates. Keeping that in mind, Revolve Group (RVLV 0.42%), Global-e Online (GLBE 1.72%), and Floor & Decor (FND -2.79%) are three excellent stocks I would buy right now. Let's see why.

1. Revolve Group: the tech company you didn't realize was a tech company

Revolve Group sells fashion apparel and accessories for women. But it's unlike traditional apparel retailers because it's completely online and uses artificial intelligence (AI) in all of its operations.

It demonstrated high growth at the beginning of the pandemic, but that has slowed in the face of tough comparisons and inflation. Even in the fourth quarter, which was the company's worst in many ways, it maintained positive revenue growth, net income, and other signs of healthy growth.

Sales increased 8% year over year in the fourth quarter, a drop from the double digits Revolve has posted since going public. Net income of $7.9 million was down 73% from last year.

But active customers, order placed, and average order value continue to grow.

Revolve Group order trends chart.

Revolve Group order trends. Image source: Revolve Group.

Active customer numbers grew by a half-million in 2022, an annual record. Adding customers puts Revolve in an excellent position to get back to high growth when the economy improves.

In the meantime, the AI-powered systems are working to maintain efficiency. One strong example is that the spread between inventory growth and sales growth decreased by more than half in the fourth quarter. 

Revolve Group is an exciting company with enormous potential. Its stock is down 43% over the past year, and it trades at the reasonable multiple of 24 times trailing-12-month earnings. That sounds like a great deal.

2. Global-e: a simple but powerful platform

Global-e is a platform that provides cross-border shopping solutions for retailers. Its software is easily integrated into a client's website, and it offers instantly calculated customs and shipping information, and prices in more than 100 currencies.

The platform takes a fee from each sale, and it's a no-brainer addition to any retailer looking to expand to international markets. That's why Global-e appeals to clients despite current macroeconomic uncertainty, and it's still posting fantastic growth. 

In the 2022 fourth quarter, sales increased 69% over last year, a typical quarterly increase. Gross profit increased 77%, and gross margin improved from 39.5% to 41.3%.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased nearly 100% from the 2021 fourth quarter although the net loss expanded from $22 million to $28 million. This doesn't worry me right now because of the growth stage Global-e is in, but it's something to keep an eye on.

Beyond its incredible performance thus far, the future looks extremely bright. Global-e continued to add client partners to its roster in the fourth quarter, with names like Katy Perry. It also expanded its partnerships with Walt Disney, with the launch of its E.U. sites, and new fashion houses from LVMH. It also integrates into all Shopify web sites.

Global-e stock is down 28% over the past year. Shares trade at 12 times trailing-12-month sales, which isn't cheap. But the company is growing like wildfire and could explode in a bull market.

3. Floor & Decor: the next niche superstore

Floor & Decor operates a network of hard-flooring superstores, like a niche version of Home Depot. It's been around since 2000 but has been on the stock market only since 2017. 

In that time, it has posted impressive growth, and even caught the eye of Warren Buffett, who bought a stake in the company. It had 191 stores as of the end of 2022, and it sees the opportunity for 500 stores over the next 10 years. The company opens only 32 to 35 stores in a given year, but each of those stores is a huge warehouse and sales generator.

The beauty of this model is that slower store openings keep the growth runway long, but since each store is so big, even at this slow pace, new openings generate tons of sales growth.

But comparable-store sales (comps) play a big role in growth as well; 60% of stores have been open for less than five years, and they have a long way to go to reach maturity.

And for stores that have been around longer, management is focused on improving the customer experience, innovating with product and omnichannel services, and expanding design services to increase engagement and drive sales.

In the 2022 fourth quarter, sales increased 15% year over year, with a 2.5% increase in comps. Net income increased 39% to $69 million.

Despite the excellent performance, Floor & Decor stock remains down 4% over the past year. The shares trade at 33 times trailing-12-month earnings. This winning stock could soar when the market improves and is a great addition to a diversified portfolio.