Home Depot spent $850 million in the first quarter on its expanded worker benefits, including bonuses and higher overtime pay. Now, the retailer is suspending its 2020 outlook and has reported earnings that were worse than expected.
Home Depot spent $850 million on its expanded worker benefits during the quarter, including the expansion of paid time off for all its hourly workers, additional time off for senior citizen employees and those deemed to have higher health risks, and bonuses and higher overtime pay. Millions of homeowners are now delaying their mortgage paymentsThe retailer said that it reported earnings of $2.2 billion, or $2.08 a share in the first quarter. That was down from a $2.
Read More"We took early and decisive action to intentionally limit customer traffic in our stores which we believe had a significant impact to sales in many markets," said Menear in a statement."I want to thank our associates and express how grateful and proud I am of the resilience and strength that our teams have demonstrated as we navigate these extraordinary circumstances together," Menear added.
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