Kroger will invest $770 million more in pay and benefits for its employees this year, making it the latest retailer to spend more as the retail labor market remains tight.Kroger is spending $770 million more this year on wages and benefits for workers. Walmart and Home Depot have also recently upped wage spending as US unemployment remains low.
The wage increases will be funded by cost savings, such as the increased use of technology to improve productivity in stores and"eliminating waste in areas that did not affect the customer experience," CFO Gary Millerchip said during a call to discuss the company's fourth-quarter results.
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