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Lowe's confirmed Thursday it plans to pay out one-time bonuses and sweeten benefits, saying it expects the impact of new tax law to be positive for its business in 2018.
The home improvement retailer is giving more than 260,000 hourly employees bonuses of up to $1,000 and will expand benefits packages — adding adoption assistance and paid parental leave — in the wake of new tax legislation, CNBC reported on Wednesday. The bonus amounts will be based on a worker's length of service. (See a sliding scale here.)
The North Carolina-headquartered company said it expects to book additional net tax expenses of roughly $75 million in the fourth quarter of fiscal 2017 due to the Tax Cuts and Jobs Act. This charge, coupled with the forthcoming bonus payouts, is expected to reduce fourth-quarter earnings by about 14 cents a share, Lowe's said.
Lowe's added it will "continue to make investments to better meet the needs of customers and its employees."
The company said it will provide more details on those investments in the coming weeks. Lowe's is set to report fourth-quarter earnings on Feb. 28.
Thursday's news comes just days after Lowe's board approved a stock repurchase program of up to $5 billion. The company also recently nominated two independent board members and plans to add a third following talks with hedge fund D.E. Shaw Group, which now maintains an activist stake in the home improvement chain.