A person picks out clothing in a store as retailers compete to attract shoppers and try to maintain margins on Black Friday, one of the busiest shopping days of the year, at Woodbury Common Premium Outlets in Central Valley, New York, U.S. November 24, 2023.
Vincent Alban | Reuters
Consumers who hoped tariffs would not hit their wallets keep getting bad news.
As they reported earnings in recent weeks, multiple major retailers said they have already raised some prices or plan to hike them in the coming weeks to offset the duties. They include major grocers and consumer goods sellers Costco, Best Buy, Walmart and Target.
President Donald Trump‘s ever-changing trade policy has roiled retailers as they try to plan their supply chains. On earnings calls, they faced the difficult task of trying to appease investors who want them to protect their bottom lines and shoppers who could balk at price hikes.
In some cases, companies have been explicit, citing the estimated toll tariffs will take on their bottom lines and breaking down which countries their supply chains rely on. Other retailers have been less forthcoming, avoiding the word “tariff” and instead blaming strategy shifts or price hikes on “macroeconomic uncertainty” — or simply refusing to point the finger at all.
Many retailers have reduced or withdrawn their full-year guidance because of tariffs. Companies such as Abercrombie & Fitch, Macy’s and Best Buy have slashed their profit outlooks. Meanwhile, American Eagle, Canada Goose, Ross and Mattel pulled their full-year guidance.
After Trump implemented steep tariffs on dozens of countries in April, his administration has temporarily cut them to lower — but still significant — levels. Imports from China face a 30% duty, while goods from many other nations are subject to a 10% duty. A federal trade court struck down many of those tariffs on Wednesday, only for an appeals court to reinstate them, adding to the uncertainty retailers face.
Economists on both sides of the aisle agree that tariffs are inflationary and the cost will likely be passed on to consumers, though government data has not showed a clear effect yet. A majority, 68%, of U.S. CEOs say they have either increased prices already or are considering doing so this year in the face of tariffs, according to a new survey by Chief Executive Group and AlixPartners.
Here’s a breakdown of what several major retailers have said about their plans to raise prices as a way to mitigate the tariff impact.
Brands that have already raised some prices
Customers look over personal health items displayed on April 18, 2025 at a Costco branch in Niantic, Connecticut.
Robert Nickelsberg | Getty Images
Costco
Executives of the warehouse club retailer told investors on Thursday that tariffs have forced the company to tweak its supply chain and raise prices in some cases. Costco has absorbed tariff costs for some goods, while it has increased prices in other instances, said CFO Gary Millerchip. For example, he said the retailer has held prices steady for staple items like bananas and pineapples sourced from Central and South America. Meanwhile, it has raised prices on flowers from those regions, since shoppers buy those less frequently.
Best Buy
Best Buy has already raised prices on some items to offset tariff costs, CEO Corie Barry said on a call with reporters. Changes took effect by mid-May. She declined to say which items are affected and called price hikes “the very last resort” for Best Buy.
SharkNinja
On SharkNinja‘s latest earnings call in May, CEO Mark Barrocas said the company has already increased prices for several of its key products in response to tariffs and will “continue to look for additional opportunities” to do so. As an example, he said the company recently raised the price of one of its Ninja espresso machines from $499 to $549 and saw “no degradation in demand.” Some price hikes will stick and others will be dialed back, he said, depending on how consumers react.
In a March interview, Barrocas told CNBC that nearly all of the company’s production will be moved out of China by the end of 2025.
Newell Brands
Executives from Newell Brands, which owns stroller company Graco as well as Rubbermaid, Yankee Candle, Paper Mate and Sharpie, said during an April 30 earnings call that the company has raised prices on its baby gear by about 20%. The company said it is equipped to handle Trump’s tariffs, unless he raises duties on imports from China again, since the majority of baby gear sold in the U.S. is made in China.
Retailers that say they plan to increase prices
Fruit and vegetables are seen at a Walmart supermarket in Houston, Texas, on May 15, 2025.
Ronaldo Schemidt | Afp | Getty Images
Walmart
Walmart shoppers will likely see price increases toward the end of May and more in June because of tariffs, said Chief Financial Officer John David Rainey during an interview with CNBC earlier in May. Executives did not specify during the company’s most recent earnings call how much more Walmart customers could pay, but CEO Doug McMillon said items that could be affected are toys, electronics and some grocery items, including bananas, avocados, coffee and roses.
A shopper walks past a Nike store, as global markets brace for a hit to trade and growth caused by U.S. President Donald Trump’s decision to impose import tariffs on dozens of countries, in the King of Prussia Mall in King of Prussia, Pennsylvania, U.S., April 3, 2025.
Rachel Wisniewski | Reuters
Nike
Last week, Nike said it will raise prices on a wide range of products by June 1. Nike apparel and equipment for adults will increase between $2 and $10, a person familiar with the matter previously told CNBC, while footwear will see a hike between $5 and $10, depending on price point. The company did not say whether the decision was related to tariffs, though it makes about half its footwear in China and Vietnam, which currently face 30% and 10% duties, respectively.
People shop at a Target store on April 02, 2025 in the Flatbush neighborhood of the Brooklyn borough in New York City.
Michael M. Santiago | Getty Images
Target
Target will increase prices on certain products to help offset tariff costs, Chief Commercial Officer Rick Gomez said during the company’s latest earnings call in May. CEO Brian Cornell added that price changes are the “very last resort” for the company as it tries to mitigate effects of the duties. He declined to provide details when asked about the company’s plan for price hikes or whether it had already raised prices.
“We’re constantly adjusting pricing,” Cornell said. “Some are going up, some will be reduced, but that’s an ongoing effort that takes place each and every day.”
Mattel
Barbie parent Mattel said it will raise prices on some U.S. products “where necessary” to help offset levies. CEO Ynon Kreiz said on CNBC’s “Squawk Box” in May that the company plans to source less than 40% of its products from China by the end of the year and less than 25% from that country in the next two years.
Macy’s
Macy’s CEO Tony Spring said during an interview with CNBC that the retailer will hike certain prices and stop carrying other items to offset the hit from tariffs. He said the company will make “surgical” price adjustments.
Retailers that say they are considering price hikes
Ralph Lauren
Executives on Ralph Lauren’s May earnings call said the company is taking “selective pricing actions and strategic discount reductions” to help manage tariff impacts. CFO Justin Picicci said that Ralph Lauren is “assessing additional pricing actions” for the fall and next spring to mitigate tariffs. This is on top of the “proactive pricing” the company had already planned for the fall in North America and Asia. Executives said no single country accounts for more than 20% of the brand’s production volumes and most countries, including China, represent a single-digit percentage.
VF Corp
CEO Bracken Darrell said during May earnings that VF Corp, which includes brands The North Face, Vans, Timberland and Dickies, is going to be “very strategic” about pricing in response to tariffs. CFO Paul Vogel added that the company’s plans to offset the tariff impacts include cost management, sourcing relocations and “pricing actions.” Vogel said that the company’s top four sourcing countries are Vietnam, Bangladesh, Cambodia and Indonesia, in that order, and that China accounts for less than 2% of the company’s total costs coming into the U.S.
Companies that say they will not raise prices
People shop for lumber from a Home Depot store in Alhambra, California on April 10, 2025.
Frederic J. Brown | Afp | Getty Images
Home Depot
Last week, Home Depot broke away from the other retailers when CFO Richard McPhail told CNBC in an interview that the company intends to “generally maintain our current pricing levels across our portfolio.” He said more than half of what the company sells comes from the U.S. Home Depot has diversified its sourcing, he said, so that by this time next year, no single country outside of the U.S. will account for more than 10% of the retailer’s purchases.
