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Lowe's to cut 'less than 1 percent' of workforce: CNBC

Reuters

(Reuters) - Lowe's Cos Inc <LOW.N>, the No. 2 U.S. home improvement chain, is expected to cut "less than 1 percent" of its workforce in the near future, CNBC reported on Thursday, citing a person familiar with the matter.

The company is also said to change its store staffing model and reshuffle the roles and responsibilities of some of its staff, CNBC reported.

Lowe's had about 180,000 full-time and 90,000 part-time employees as of Jan 29, 2016.

"While we have no announcements to share, we continually evaluate our staffing model to ensure we have the resources in place to serve customers' evolving expectations and their home improvement needs," Lowe's spokeswoman Colleen Penhall said in an email.

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Lowe's cut its full-year earnings and sales growth forecasts in November as fewer of its do-it-yourself customers remodeled homes due to an unseasonably hot fall season.

The company's focus on the do-it-yourself customer has weighed on its growth at a time when U.S. home improvement retailers are benefiting from higher wage growth and increased home remodeling.

(Reporting by Gayathree Ganesan in Bengaluru; Editing by Maju Samuel)