New York
CNN
—
Home Depot won’t raise prices from President Donald Trump’s tariffs, breaking with Walmart and other retailers that said they will pass costs related to the trade war onto consumers.
“Because of our scale, the great partnerships we have with our suppliers and productivity that we continue to drive in our business, we intend to generally maintain our current pricing levels across our portfolio,” finance chief Richard McPhail told CNBC in an interview.
McPhail said the home improvement retailer has diversified where it sources its merchandise. More than half comes from the United States.
But the trade war has begun to hurt Home Depot. Consumer sentiment has plunged near record lows as Americans fear tariffs will reignite inflation and weaken the economy. That, in part, kept some customers away from the home improvement behemoth.
Home Depot reported sluggish earnings Tuesday, weighed down by a weak housing market and consumers taking on fewer large-scale renovation projects. Sales at US stores open for at least one year increased 0.2% last quarter.
This is a developing story and will be updated.
