Home Depot cut its overall workforce but boosted salaried employees by 20% last year

Home Depot Inc. HD, -1.62% disclosed that it cut its overall workforce by 2.8% in the fiscal year ended Jan. 30, 2022, while increasing the number of salaried employees by 19.9%. In the home improvement retail giant’s 10-K annual report filed with the Securities and Exchange Commission late Wednesday, the company said it had 490,600 employees at the end of fiscal 2021, including 42,800 salaried employees, with 89.1% of total employees located in the U.S. That follows a total workforce of 504,800, including 35,700 salaried employees at the end of fiscal 2020, and a total workforce of 415,700, including 29,500 salaries employees at the end of fiscal 2019. In comparison, rival Lowe’s Companies’ LOW, -2.85% total workforce fell 9% to 200,000 while full-time employees increased 40% to 140,000. The challenges associated with hiring and increased payroll-related costs in the current environment were highlighted by a statement in the fiscal 2021 10-K that wasn’t in the fiscal 2020 10-K: “Our values also guide our efforts to create an environment that will help us attract and retain skilled associates in the competitive marketplace for talent.” Home Depot’s stock, which rose 0.1% in morning trading, has tumbled 23.5% year to date, while Lowe’s shares have shed 14.6% and the Dow Jones Industrial Average DJIA, +0.44% has slipped 5.0%.

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