Home Depot doesn't expect to raise prices because of tariffs, saying it has spent years diversifying the sources for the goods on its shelves. Billy Bastek, executive vice president of merchandising, said during a conference call on Tuesday that Home Depot's suppliers have shifted sourcing across several countries and that the company doesn't expect any single country outside of the US will represent more than 10% of its purchases 12 months from now, the AP reports. "We don't see broad-based price increases for our customers at all going forward," he said.
Other companies, domestic and foreign, have warned customers that price hikes are on the way due to a trade war kicked off by the US. Walmart said last week that it has already raised prices and will have to do so again in the near future. Late Monday, Subaru of America said it would raise prices on some of its most popular models by as much as $2,000. President Trump lambasted Walmart, saying on social media over the weekend that the retail giant should "eat" the additional costs created by his tariffs.
- Tariffs on materials like lumber are a concern for both homebuilders and home buyers. A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home—the national median listing price in April, according to data released this month by Realtor.com. Additional housing material costs would put home ownership out of reach for more potential buyers, though Home Depot is somewhat insulated as it sources the majority of its lumber in the US.
- Early last year, the company said that about 17% of its wood is sourced from Canada. The company would not say Tuesday if those import levels have changed, though after negotiations, Canadian lumber was exempted from additional 25% US tariffs.
- During the first quarter, Home Depot's revenue climbed as customers spent slightly more on smaller home projects. A number of US companies have lowered or pulled financial guidance for investors as tariffs scramble world trade but on Tuesday, Home Depot stuck by earlier projections of sales growth at around 2.8%.
(More
Home Depot stories.)
,
uBlock 
,
and
Ghostery 
)
