For the fifth time this year Lowe's (NYSE:LOW) will be giving its employees pandemic-related bonuses totaling $100 million. The DIY warehouse retailer will pay its full-time workers a $300 bonus while part-time and seasonal workers will receive $150 each.
Including this latest round of bonuses, Lowe's will have paid out $675 million in additional compensation to its workers in 2020. The retailer has made special payments in March, May, July, and August. All hourly associates in its U.S. stores, distribution centers, and support centers will receive the bonus on Oct. 16.
Sharing the profits
In addition to the bonuses it's handed out, Lowe's also increased the pay rate by $2 per hour for all of its full-time, part-time, and seasonal associates for the month of April, and donated $100 million in personal protective equipment and grants, including $55 million to rural, minority-owned, and women-owned small businesses.
President and CEO Marvin Ellison said in a statement, "As we continue to provide extraordinary service to our customers throughout the pandemic, we are pleased to provide this additional bonus as a thank you to our associates for their perseverance and continued commitment to our customers."
Deemed an essential business, Lowe's remained open throughout the pandemic. It reported in August year-to-date revenue was up 21% to $46 billion on comparable-sales increases of 11% and 34% in the first and second quarters, respectively.
The retailer's stock is up 38% year to date, but up over 80% during the pandemic.