Lowe’s hourly employees will see a second round of bonuses. Here’s the payout.
For the second time this year, Lowe’s employees will see another round of bonuses in their paychecks.
The Mooresville-based home improvement chain is giving $100 million worth of one-time and profit-sharing bonuses, Lowe’s CEO Marvin Ellison said Tuesday during Lowe’s second-quarter earnings call.
The bonuses recognize Lowe’s employees’ hard work and dedication, Ellison said.
All full-time hourly store employees will receive $300, and part-time workers will get $150 one-time bonuses, Ellison said during a call with local news outlets.
In addition, Lowe’s hourly employees will receive profit-sharing bonus checks, which are determined by each store’s performance, Ellison said.
Employees will see the bonuses in the Sept. 8 paycheck, company spokesman Steve Salazar said.
Lowe’s operates over 1,700 home improvement stores and employs about 300,000 people of which the majority are hourly, Salazar said. Lowe’s has about 11,000 employees in the Charlotte region, including 5,000 corporate workers.
The latest round of bonuses comes on the heels of $90 million worth of bonuses to hourly employees and $70 million incremental bonuses to assistant store managers and supply chain supervisors nationwide for the fourth quarter last year.
Those bonuses, received in March, were part of Lowe’s strategy to remain competitive and retain employees, The Charlotte Observer previously reported.
Lowe’s 2Q earnings report
On Tuesday, Lowe’s also reported net earnings of $2.7 billion during the second quarter ending Aug. 4, compared to $3 billion the same quarter last year. Total sales for the quarter were $25 billion.
Comparable sales decreased 1.6% in the second quarter. Spring sales and pro and online sales growth helped offset lumber deflation and lower do-it-yourself demand, Ellison said.
Although DIY big ticket item sales have dropped, Ellison said, online growth had grown by 7%.
New services like same-day delivery, which rolled out nationwide last month, and the addition of products and brands, such as Klein Tools, are reasons pro and online growth are expected to outperform DIY for the second half of the year, Ellison.
