Photo: Roselyn Tirado | Unsplash
Lowe’s, the home improvement chain, is awarding bonuses totaling $55 million to its front-line hourly employees to help soften the impact of inflation. The retail company is also offering employees limited-time discounts of up to 20% on everyday household and cleaning items. Overall, Lowe's said that in its quarterly report, customers are cutting back discretionary purchases, even as some continue to hire contractors for home improvement projects. Home Depot reported record earnings and sales in its most recent quarter, citing similar consumer interest in home improvement projects. Target said it has almost completely sold through an inventory glut, and was upbeat about the resilience of its core customers. Meanwhile, Walmart says wealthier shoppers have been turning up in its checkout aisles and online in higher numbers as inflation continues to bite.
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