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Home Depot Plans to Keep Prices Steady Despite Tariffs
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Good morning, CFOs. Home Depot plans to hold the line on prices; Austin’s reign as a tech hub may be coming to an end; plus, President Trump’s IRS pick defends his record.
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Shoppers continued to spend at Home Depot despite tariffs. PHOTO: DAVID PAUL MORRIS/BLOOMBERG NEWS
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Home Depot said it plans to hold the line on prices.
The retailer has been pushing to source more of its supplies from outside of China. It is also working with suppliers to keep prices steady despite tariffs, Chief Financial Officer Richard McPhail said in an interview.
Last week, Walmart announced that it would raise prices because of tariffs, prompting President Trump to criticize the company.
Home Depot thinks about pricing across its portfolio, said Billy Bastek, executive vice president of merchandising. By using that approach, the big-box retailer hopes to hold most prices steady for customers and take market share from competitors that raise their prices.
“It’s a great opportunity for us to take share, and it’s a great opportunity for our suppliers to take share as well,” he said.
Suppliers say that Walmart, Home Depot and other retailers have been pushing them to make price concessions or shift production out of China. Some of the haggling has prompted Home Depot suppliers to shift their sourcing outside of China.
“We anticipate that 12 months from now, no single country outside the United States will represent more than 10% of our purchases,” said McPhail.
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Content from our sponsor: Deloitte
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Tax Policy Update: The House Ways and Means Committee Releases its Markup Bill
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A special podcast report highlights some of the expected and unexpected provisions in the tax portion of the budget reconciliation bill working its way through the U.S. House of Representatives, as well as what’s to come in the weeks ahead. Read More
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📆 Earnings
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Lowe’s
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Medtronic
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Target
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TJX Cos.
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Zoom Communications
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What Else Matters to CFOs
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Austin has seen a decline in both Big Tech and startup employment, a report from SignalFire says. PHOTO: BRANDON BELL/GETTY IMAGES
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Exclusive: Nearly five years after Austin, Texas, became a darling of the tech industry, luring companies out of California with the promise of lower taxes and a better quality of life, the city is now bleeding tech talent that is flowing back to the coasts.
A new report from venture-capital firm SignalFire shows that in 2024 Big Tech employment declined 1.6% in Austin, and startup employment fell 4.9%. Tech employment in Dallas and Houston also declined, along with cities like Denver and Toronto. Tech employment grew, on the other hand, in New York and San Francisco
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U.S. stocks fell on Tuesday, ending a six-day winning streak for the S&P 500, as losses in Big Tech weighed on major indexes.
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Senate Democrats pressed President Trump’s pick to run the Internal Revenue Service on his promotion of tribal tax credits and recent acceptance of campaign donations from people tied to those claims.
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Event: The Future of Everything
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Designed for the ascending C-suite, The Future of Everything is an exclusive, invite-only event offering your rising leaders unparalleled access to insights from influential speakers and emerging technologies that are transforming industries.
Empower your team to bring back fresh perspectives, innovative ideas and meaningful connections to drive growth and position your organization for long-term success.
Featured speakers include:
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Chris Cocks, CEO, Hasbro
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Ron Howard, filmmaker; founder & executive chairman, Imagine Entertainment
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Scott Kirby, CEO, United Airlines
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Brad Lightcap, COO, OpenAI
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Alexis Ohanian, founder & general partner, Seven Seven Six; co-founder, Reddit
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Charles Scharf, president & CEO, Wells Fargo
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Emma Walmsley, CEO, GSK
…and more.
If you would like to request an invitation for you or your team, please visit our website or contact foe@wsj.com.
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Principal Financial Group, the Des Moines, Iowa-based investment and insurance company, appointed Joel Pitz as its permanent finance chief, succeeding Deanna Strable, who was promoted to the company's top role earlier this year. Pitz has worked at Principal for 30 years, the company said. He most recently served as controller prior to his appointment to interim CFO in August 2024. Before that, he held several roles of increasing responsibility including CFO for international business and chief accounting officer.
—Connor Hart contributed to today’s Ledger.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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