The home improvement retailer, which has experienced sluggish sales, also said the price strategy could help it compete better with rivals.

Home Depot is in its peak spring sales season, but must contend with high interest rates, a sluggish housing market and tariff-related cost pressures.

Investors shouldn't get scared off because of short-term pressure. Home Depot's management is always finding ways to generate growth opportunities and become more efficient, and its approach to tariffs should boost investor confidence. The company purchased SRS last year to expand its market opportunity, which it sees as $1 trillion.