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Home Depot said Tuesday that some of its prices could be going up because of the cost of tariffs.
Until now, America’s largest home improvement retailer has limited what it has said about the impact of tariffs on its prices. But after reporting quarterly results Tuesday, CFO Richard McPhail said Home Depot would have to implement some price increases as a result of the Trump administration’s taxes on imports.
“For some imported goods, tariff rates are significantly higher today than they were at this time last quarter,” he said in an interview with the Wall Street Journal that was confirmed by the company to CNN. “So as you would expect, there will be modest price movement in some categories, but it won’t be broad based.”
Three months ago, when asked about the the impact of tariffs on pricing, the company said it would not speculate on its price plans, but that tariffs might lead it to no longer offer some items.
Home Depot said that a little less than half of its inventory comes from suppliers outside the United States. The company has previously said it was looking to diversify its supply base so that no foreign country supplied more than 10% of its goods.
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