Home Depot, $HD, is spending $1 billion to increase wages for hourly workers, per BI.

Ted Decker, Chairman, President, and Chief Executive Officer:

"The investments in our associates, stores, digital platforms, supply chain, technology and other strategic initiatives have strengthened our business and enabled us to grow share and deliver exceptional shareholder value over the long term.

The most important investment we can make is in our people, which is why we are announcing that we are increasing annualized compensation by approximately $1 billion for our frontline hourly associates.

We believe this investment will position us favorably in the market, allowing us not only to attract the most qualified talent but also retain the exceptional associate base that is already in place."

Marie Campbell, Executive Vice President of U.S. Stores and International Operations at The Home Depot, said: "We know that our associates are a key differentiator, and they are essential in helping us sustain the customer experience we strive for. We know that the key to an engaged and committed workforce is investing in the person, taking an interest in them and in their development."