Lowe’s Plans Spring Hiring Spree, Pays $80 Million in Bonuses

Home improvement retailer Lowe’s Companies (NYSE:LOW) appears to be looking forward to a busy spring, with a press release today announcing it wants to boost its roster of front-line workers by 50,000 in the coming months. The jobs include both full-time and seasonal positions, adding to the approximately 90,000 workers Lowe’s says it hired during 2020.

As COVID-19 continues to spread across the United States, Lowe’s also says it is offering a fresh round of bonuses to its workers. Working in retail naturally exposes associates to greater risk of catching the coronavirus, given their contact with large numbers of customers daily, so the bonuses are likely a form of incentive pay.

A young woman painting her porch fence as a spring home improvement project, with a small dog nearby.

Image source: Getty Images.

The company has earmarked $80 million for distribution to workers in front-line positions across Lowe’s lineup of North American outlets. Part-time and seasonal employees will get $150 each, while full-time workers will receive

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Forget Lowe’s, Home Depot Is a Better Home-Improvement Stock

The home-improvement industry has been surging as the coronavirus pandemic has forced so many people to spend more time at home. Not only are they noticing more projects that need to be done, but since the home now needs to be an office, a school, and an entertainment center, they need to upgrade or overhaul existing spaces. On top of all that, data shows that more families are deciding to move out of cities and into suburbs — which means out of apartments and into houses.

While the changes in consumer behavior during the pandemic were good for the home-improvement industry overall, some companies are better equipped to take advantage than others. Here is why Home Depot (NYSE:HD) is a better way to invest in this change than Lowe’s (NYSE:LOW)

A Home Depot storefron.

Image source: Home Depot.


The outlook is bright for both Home Depot and Lowe’s,

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Home Depot and Lowe’s are Having Huge Years: Can the Growth Continue?

2020 has been a hugely successful year for home improvement retail giants Home Depot (NYSE:HD) and Lowe’s (NYSE:LOW). Both have seen revenue and net income grow by double digits as millions of homeowners have found themselves spending substantially more time in their homes during the coronavirus pandemic. But will the strong results continue? It’s less clear in the near term, especially with coronavirus vaccines now starting to be distributed. The same people who spent big on home improvement in 2020 might be more likely to spend their disposable income on travel and leisure in the future. 

On the Nov. 6 edition of “The Wrap” on Motley Fool Live, host Jason Hall makes the case that strong home sales often indicate good business prospects for home improvement. See his discussion with Motley Fool and Millionacres contributor Tyler Crowe editor Millionacres editor Deidre Woollard below. 



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Lowe’s Sales Jump 30% in Q3

Lowe’s (NYSE:LOW) business is still surging. On Wednesday, the home improvement retailer announced sales and profit results for the fiscal third quarter that ran through late October. And while revenue growth slowed compared to the prior quarter, Lowe’s continued to gain ground in a booming market for home furnishings.

Sales rose 30% in the core U.S. market, according to its quarterly filing, compared to a 35% spike in the second quarter. That result was enough to keep Lowe’s ahead of rival Home Depot (NYSE:HD) for a third straight quarter this year. The industry leader reported 25% sales gains for Q3 on Tuesday.

A man and woman paint a room together.

Image source: Getty Images.

Lowe’s also closed the profitability gap between the two businesses by notching gains on both gross and operating profit margins. Yet its 10% operating profit still trails Home Depot’s 14.5% level.

Lowe’s predicted a weaker earnings result in the fourth

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TJX, Lowe’s, Boeing, Target, Tesla & more

CEO: Carol MeyrowitzCompany value:  $33.309 billionCarol Meyrowitz joined TJX in 1983, eventually becoming president in 2005. She joined its board of directors the following year. TJX operates more than 2,900 discount retail stores, including TJ Maxx, Marshalls and Home Goods.

David McGew | Getty ImagesInset: Essdras M Suarez | The Boston Globe | Getty Images

Check out the companies making headlines in midday trading. 

Target — Shares of the big box retailer popped more than 2% after reporting blowout third-quarter earnings. Target reported adjusted earnings of $2.79 per share on revenue of $22.63 billion. Wall Street expected earnings of $1.60 per share on revenue of $20.93 billion, according to Refinitiv. Target’s curbside pickup service grew more than 500% and its home delivery service Shipt was up nearly 280%.

Lowe’s — The home improvement company sank more than 8% after it reported earnings and guidance that fell short of analyst expectations

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Lowe’s gives hourly workers more bonuses amid COVID

Lowe’s Home Improvement employees are getting another round of bonuses amid the COVID-19 pandemic.

All full-time hourly workers will get $300 and part-time and seasonal employees will receive $150 on Oct. 16, Lowe’s Companies said Wednesday in a news release. The Mooresville-based company gave similar bonuses in March, May, July and August.

The bonuses are for “continued perseverance and commitment to our customers” during the novel coronavirus crisis, CEO Marvin Ellison said.

This $100 million in bonuses raises Lowe’s total commitment to workers and communities since the start of the health pandemic in March to $775 million, according to the company.

More than $675 million of that has included pay increases and bonuses, profit-sharing bonuses and telemedicine services to all workers and families, even those not enrolled in the company medical plans.

Lowe’s Home Improvement employees are getting another round of bonuses amid the COVID-19 pandemic. Lowe’s Companies

Lowe’s also

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