According to a report from the Wall Street Journal from Friday, the cuts will help the company focus on its store employees.
- The company is committed to providing support to those laid off, including career transition resources, according to a spokesperson, as per the report.
- Last week, Lowe’s rival Target said it would be cutting about 500 jobs across its distribution centers and regional offices to divert resources to store staffing.
- Lowe’s is expected to report its fourth-quarter (Q4) 2024 results on Feb. 25.
American Retailer Lowe's Companies, Inc. (LOW) is reportedly slashing about 600 corporate and support roles, which is less than 1% of the company’s total workforce.
According to a report from the Wall Street Journal on Friday, the cuts will help the company focus on its store employees. The news comes ahead of Lowe’s upcoming fourth-quarter (Q4) 2025 results, expected on Feb. 25.
Shares of LOW declined 0.09% in after-market hours.
Downsizing Rationale
According to the WSJ report, the layoffs help the company align its resources better to support stores as well as customer associates on the frontline.
The company is committed to providing support to those laid off, including career transition resources, according to a spokesperson, as per the report.
The layoff plans come amid other major American retailers cutting jobs and pivoting to a better customer experience. Last week, Lowe’s rival Target Corp. (TGT) said it would be cutting about 500 jobs across its distribution centers and regional offices to divert resources to store staffing.
Target reportedly said that it is overhauling store operations to improve the shopping experience and win back unhappy customers.
Meanwhile, home improvement retailer Home Depot (HD) also announced 800 job cuts in January, related to its Atlanta store support center and urged employees to return to the office five days a week in a bid to connect better with frontline associates.
Earnings Expectations
Lowe’s is expected to report $20.34 billion in fourth-quarter (Q4) revenues, according to 26 analyst estimates on Fiscal.ai. This is about 10% higher compared to its revenue of $18.55 billion reported in the same period last year.
Meanwhile, analysts expect the company to post earnings per share of $1.94, marginally higher than the $1.93 EPS reported in Q4 2024.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around LOW shares dropped from ‘bullish’ to ‘neutral’ territory amid ‘extremely high’ message volumes.
Shares of LOW have gained more than 13% in the past year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
