Investor News June 30, 2020

Lowe’s to spend $100 million in July for bonuses for hourly employees

Lowe’s Cos. Inc. (NYSE: LOW) will spend $100 million in July for bonuses for hourly employees. Full-time hourly employees will receive a one-time sum of $300, while part-time and seasonal employees will receive $150 — matching payments made in March and May. 

The Mooresville-based retailer has committed $450 million to its employees and its communities since the coronavirus pandemic began.

“This year has been full of challenges and uncertainty, and we are tremendously grateful for the hard work, dedication and commitment of our front-line associates,” Marvin Ellison, Lowe’s CEO and president, said in a news release.

The home-improvement giant operates more than 2,200 stores and has 300,000 employees. Roughly 90% of employees at Lowe’s stores, contact centers and supply-chain facilities in the U.S. and Canada are hourly employees. 

Other steps to reward employees over the past few months include an hourly pay bump of $2 per hour — a one-time increase — in April. In June, it announced $87 million in profit-sharing bonuses to front-line associates.

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