“We are already taking action and anticipate that 12 months from now, no single country outside of the United States will represent more than 10% of our purchases.”

In context

“ntum in the business during the back half of fiscal 2024 continued into the first quarter. Our customers engaged across smaller projects and in our spring events. Our associates remained focused in the quarter, and we feel great about our store readiness and product assortment as spring continues to break across the country. Let me take a moment to comment on our global sourcing strategy. Today, more than 50% of our purchases are sourced in the United States. Over the last several years, we have worked diligently with our vendors to further diversify our global supply chain. During that period, the vast majority of our supplier partners developed diversified sourcing strategies across several countries, including the United States. As a result, we now have tremendous sourcing flexibility. We are already taking action and anticipate that 12 months from now, no single country outside of the United States will represent more than 10% of our purchases. Our team has effectively navigated many economic cycles. We believe we have the best merchants, supply chain, and finance teams, with exceptional tools to help us understand cost impacts by country at the SKU level. We also have robust product and project elasticity models at the market level. We have strategic vendor partners who understand the need to deliver the right value proposition to our customers. We remain bullish on the fundamentals of home improvement and are confident we are best positioned to win. We operate in a highly fragmented, addressable market of approximately $1 trillion, and our consumer, the homeowner, remains healthy. For most people, their home is their biggest asset, and home prices continue to rise. This has led to record levels of home equity, giving our custo”