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Lowe's (LOW) to Hire Workers for Fortifying Distribution Centers

Renowned home improvements products retailer, Lowe’s Companies, Inc. LOW continues to focus on meeting consumer demand by strengthening product and service offerings, distribution capabilities as well as omni-channel presence. In order to capture market opportunities and fulfil demand conditions efficiently, the company frequently undertakes hiring initiatives. According to media reports, Lowe’s plans to hire nearly 250 employees for its regional distribution center in Statesville.  It will be conducting a hiring event on Oct 20 to recruit qualified employees.

Boosting Employee Strength & Other Prudent Growth Efforts

Amid consumers’ growing interests toward keeping homes well-maintained, spending on home-improvement products have continued to remain high. Such trends have been favoring Lowe’s business and are helping it bolster offerings. The company’s recent move to boost employee strength at the Statesville distribution center is prudent and will help it meet customers’ needs. Sources revealed that individuals above the age of 18 can apply for Lowe’s walk-in-hiring event on Oct 20 and receive an on-spot job offer.

Market insights highlight that the company is planning to hire more than 1,200 employees across 19 distribution centers in the United States. Positions offered include full-time day, night and weekend shifts. The starting wages offered may vary across positions and locations. Lowe’s is known for offering competitive pay and exceptional rewards packages, which includes frequent rise in wages, incentives and performance bonuses. It also offers career advancement opportunities across levels.

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A strong and talented employee base has been aiding the company to execute its strategic growth efforts. It has been undertaking efforts to bolster online sales and making investments to enhance omni-channel retailing capabilities across stores, website and supply chain. Lowe’s completed the installation of Buy Online Pickup in Store touchless lockers across stores. It is also striving to enhance customers’ online shopping experience by improving features like search and checkout. Backed by such efforts and assortments, sales in Lowes.com increased 7% in second-quarter fiscal 2021. Management believes that the online business model has tremendous potential to grow on an efficient technology team and superior cloud-based platform.

Pro customers have been a significant driver to Lowe's business. In fact, focus on the Pro category is a significant component of the company’s Total Home strategy. During the fiscal second quarter, Pro sales increased 21%. To continue generating sales from pro customers, the company has been augmenting pro-focused brands. Appropriate partnerships are helping the company to provide pro customers with a broad range of assortments that suit their home-improvement and maintenance needs.

Through the Total Home strategy, the company provides complete solutions for various types of home-repair and improvement needs. The total home strategy is expected to boost market share by accelerating investments in pro-related offerings, installation services, localization as well as boosting product assortments. Consistent success of the company’s Total Home strategy has been boosting the top line.

The home improvement market has impressive growth potential, with consumers becoming highly motivated to invest in homes and continuation of urbanization trends. Lowe's robust product offerings and growing digital capacity steered by an effective workforce is likely to keep it in good shape in the forthcoming periods.

Shares of this Zacks Rank #2 (Buy) company have surged 15% in the past three months against the industry’s rise of 10.8%.

3 Picks You Can’t Miss Out On

Builders FirstSource, Inc. BLDR, flaunting a Zacks Rank #1 delivered an earnings surprise of 49.7% in the last four quarters, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Home Depot, Inc. HD with a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 9.7%.

Beacon Roofing Supply, Inc. BECN also with a Zacks Rank #2, delivered an earnings surprise of 573.1% in the last four quarters, on average.


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Lowe's Companies, Inc. (LOW): Free Stock Analysis Report
 
The Home Depot, Inc. (HD): Free Stock Analysis Report
 
Beacon Roofing Supply, Inc. (BECN): Free Stock Analysis Report
 
Builders FirstSource, Inc. (BLDR): Free Stock Analysis Report
 
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