Lowe's is awarding its hourly workers bonuses totaling $55 million to combat inflation
Lowe’s is awarding bonuses worth a total of $55 million to its front-line hourly employees to help soften the impact of inflation.
Lowe’s is awarding bonuses worth a total of $55 million to its front-line hourly employees to help soften the impact of inflation.
The home improvement store chain also said on an earnings call Wednesday it is offering limited-time discounts of up to 20% on everyday household and cleaning items to those workers.
"We will continue to look for meaningful ways to improve our associates work-life balance while providing them with the tools to build a career at Lowe’s," said Lowe's executive vice president Joe McFarland.
Overall, the retailer said customers are cutting back on discretionary purchases, even as a subset continue to hire professional contractors for home improvement projects.
Lowe's was one of several major retailers to announce earnings this week. Home Depot reported record earnings and sales in its most recent quarter, citing similar ongoing consumer interest in home improvement projects.
Rating: 5