Down 40%: Why this ASX 200 stock could be a top buy at a 52-week low

Nick Scali Ltd (ASX: NCK) shares have had a rough run in 2026.

On Thursday, the ASX 200 stock hit a 52-week low of $13.70. That leaves the furniture retailer’s share price down around 40% this year.

I can understand why some investors are cautious.

Consumer spending is under pressure,