Amajor U.S. retailer that previously said tariffs wouldn’t increase prices reversed course on Tuesday, with officials saying they expect “modest” price increases for some products.
The home-improvement retailer with more than 2,300 stores across North America said prices will increase in some categories due to significantly higher tariffs than it expected in May.
“Obviously tariff rates are significantly higher today than they were when we spoke in May. So as you’d expect there’ll be some modest price movement in some categories but it won’t be broadbased,” said Billy Bastek, executive vice president of merchandising at Home Depot.
He added that the store is working to keep project pricing down as homeowners have deferred larger projects, but continue to do small ones.
“Our customers tend to shop for the entire project and you think about a small flooring project: Tile, the grout, bathtub and vanity and a bath project. And so 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.”
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Author: Ray Hilbrich
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