Home Depot
won’t hike prices on consumers to offset President Donald Trump’s tariffs, the company said on Tuesday.
“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,” CFO Richard McPhail told CNBC in an interview.
The pricing news comes as Home Depot beat Wall Street estimates for first-quarter sales on Tuesday, capitalizing on demand for do-it-yourself projects ahead of spring, along with its professional customer base, which includes contractors.
The world’s largest home improvement retailer saw net sales jump 9% from last year, bringing in $39.86 billion for the quarter ending May 4.
The Home Depot Inc.
$
379.38
The retail chain kept its fiscal year 2025 forecast unchanged, with a total sales growth target of 2.8%. Shares of the company were up about 2% in premarket trading.
Home Depot’s strategy on pricing runs in contrast to another big retailer, Walmart, which announced last week that it plans to raise prices due to the “magnitude” of the tariffs.
Treasury Secretary Scott Bessent said on Sunday that he spoke with Walmart CEO Doug McMillon after Trump warned the retail giant to “eat the tariffs.” Bessent said McMillon told him the retailer would absorb “some of the tariffs,” though others may be passed onto the consumer.
Reuters contributed to this report.
