Home Depot Warns Of Price Changes From Tariffs
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Lowe’s stock gains after it beat earnings expectations a day after Home Depot missed. Lowe’s also announced it was buying a bigger building-products company than its rival did in June.
For some imported goods, tariff rates are significantly higher today than they were at this time last quarter, according to Home Depot.
Home Depot kept its annual forecasts intact despite posting muted quarterly results on Tuesday, but said some products may see small price hikes due to tariffs after previously suggesting they would generally not change.
Home Depot’s sales improved during its fiscal second quarter as consumers remained focused on smaller projects amid cost concerns, but its performance missed Wall Street’s expectations.
Home Depot said tariffs will soon start hitting some price tags even as consumers continue to hold off on larger projects because of higher interest rates and economic uncertainty.
The company's full-year forecast assumes no substantial change in the number of consumers revamping their homes.
The home-improvement chain is now one of the companies most caught up in Trump's immigration crackdown. The retailer's history with day laborers is long. So far, it's choosing to keep its distance.