“We see in our business we intend to generally maintain pricing across our portfolio. We'll continue to use the portfolio approach that we've talked a lot about in the past, but we don't see broad-based price increases for our customers at all going forward.”

In context

“50% of our purchases are sourced in the U.S., as you've mentioned, and we've been working with our suppliers for years. I mean, one of the hallmarks of Home Depot has always been diversification and diversifying with their supply chain. So during that time, a majority of our suppliers have diversified their sourcing strategies across several countries. We've got tremendous flexibility here. I can't emphasize that enough. We're already taking action, moving quickly, and we anticipate 12 months from now that no single country outside of the U.S. will actually represent more than 10% of our purchases. So you think about our scale, the great, tremendous partnerships, I can't reiterate those enough, that we have with our suppliers, and you mentioned productivity, a hallmark of the Home Depot. We see in our business we intend to generally maintain pricing across our portfolio. We'll continue to use the portfolio approach that we've talked a lot about in the past, but we don't see broad-based price increases for our customers at all going forward. It's a great opportunity for us to take share, and it's a great opportunity for our suppliers to take share as well. Michael Lasser: Just to clarify, Billy, does that mean you will have to subsidize what would have been price increases with some of the other benefits that would have accrued to the gross margin otherwise? Billy Bastek: Listen, we have a number of different levers that we have in the portfolio. Michael, you mentioned a few of those. We have a number of different levers, including productivity. The other thing I would keep in mind is that if you think about our line structure today, there's items that we have that could potentially be impacted from a tariff that, candidly, we won't have going forward if it doesn't make sense inside the line structure. It's a little bit less”