A top Home Depot executive has revealed the major retailer may have to raise prices in coming months.
The warning comes in response to broad sweeping tariffs which are biting shoppers and retailers alike.
Home Depot executives have revealed the company has been hit by tariffs despite 50% of products being sourced locally[/caption]
Despite insisting that 50% of products are sourced domestically, Home Depot Chief Financial Officer Richard McPhail said there would be some “modest” price increases in some categories but that the company remained “laser focused” on value for shoppers.
“Some of the imported goods, obviously, tariff rates are significantly higher today than they were when we spoke spoke in May,” he told an earnings call on Tuesday morning.
“So as you’d expect, there’ll be some modest price movement in some categories, but it won’t be broad based.
“We’re laser focused on protecting the cost of the entire project.
“And so listen, our goal is to maintain the best value for our customers.”
The warnings come just months after Home Depot executives admitting items could disappear from shelves due to trade policies.
The top US home-improvement chain’s results kicks off a busy week for big box retailers, with companies like Walmart and Target expected to report earnings in coming days.
More to follow… For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos.
Like us on Facebook at TheSunUS and follow us on X at @TheUSSun
