Marketing
Lowe’s not ruling out price hikes on some items due to tariffs
May 22, 2025
Lowe's intends to keep its pricing competitive given the newly-enacted tariffs but contends there may be price increases on some items.
The news, announced Wednesday by CEO Marvin Ellison in the company's earnings call, comes on the heels of competitor The Home Depot stating it won't raise prices due to the tariffs imposed by President Donald Trump.
Lowe's is "not donating share to any competitor by sitting back and not being price competitive," Ellison said, according to a New York Post report.
If tariff-driven prices come it will likely be in the second half of this year, according to Lowe's CFO Brandon Sink. Lowe's has also diversified its supply chain and added more local suppliers to help it mitigate the impact from U.S. tariffs, according to the news report.
Also on Wednesday Amazon didn't state it would or would not be raising prices due to tariffs but released insight on customer behavior. It announced tariff concerns aren't stopping consumers from shopping at Amazon. In fact, according to Amazon CEO Andy Jassy, shoppers aren't tightening wallets, according to a CNBC report.
The pronouncement, at Amazon's virtual shareholder's meeting Wednesday, comes on the heels of Walmart announcing it will be increasing prices due to tariffs. Target said Wednesday it may need to increase prices.
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