Lowe's giving frontline employees $140 million in EOY bonuses
Lowe’s Companies continues to invest in its employees.
The home improvement retailer plans to award $140 million in end-of-year bonuses to its frontline workers. The news was revealed during Lowe’s fourth-quarter earnings call.
On March 22, eligible assistant store managers and other front-line supervisors will receive an end-of-year discretionary bonus of $5,000. Eligible full-time associates will receive $400, and eligible part-time associates will receive $200.
“This is our way of saying thank you to hourly associates and assistant managers who serve our customers and make our communities better,” said Lowe’s CEO Marvin Ellison. “As I travel across the country visiting stores and conducting town halls to hear directly from our frontline associates, I'm consistently humbled by their passion, commitment and their expertise.”
Additionally, Lowe’s is one of the few retailers to award stock grants to its store managers and assistant store managers. The company said that, since 2018, it has invested more than $3.5 billion in over $3.5 billion in incremental wages and share-based compensation for its frontline workers.
“I would like to start by thanking our frontline team for their relentless focus and execution this quarter,” said Joe McFarland, executive VP of stores. “Their efforts to serve our customers while tightly managing controllable expenses once again resulted in improved customer service scores and strong operating profit performance despite slower sales.”
“We are one of the few retailers to award stock grants to our store managers and assistant store managers so they share in our long-term success,” McFarland continued. “These programs for our store leaders are not new. In fact, store managers have been receiving share-based compensation for decades and assistant store managers since 2019.”
As of Feb. 2, 2024, Lowe's operated 1,746 stores representing 194.9 million square feet of retail selling space. It had total fiscal year 2023 sales of more than $86 billion.