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Home Depot announced price increases on some imported goods due to tariffs imposed by the Trump administration. CFO Richard McPhail stated that while the price hikes won't be widespread, they are necessary due to significantly higher tariff rates. This comes despite a 5% sales increase in the last quarter. However, net income dipped 0.2% due to higher operating costs and economic uncertainty impacting large home renovation projects, which are being deferred rather than canceled.

Prepared by Christopher Adams and reviewed by editorial team.