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Home Depot is also giving its staff a $1,000 bonus after tax cuts

Sangameswaran SJan 25, 2018, 20:16 IST

Athony Ross searches for an item for a customer at a Home Depot store on March 24, 2015 in Chicago, Illinois. The Labor Department reported the consumer-price index rose a seasonally adjusted 0.2% in February from a month earlier, the first rise since October and the largest increase since June.Scott Olson/Getty

Home Depot Inc said it would give its U.S. employees a new one-time cash bonus of up to $1,000 for hourly associates in the fourth quarter as the home improvement store chain takes advantage of changes in the U.S. tax code.

The company said it expects to incur a net tax expense of about $150 million in the fourth quarter, related to taxes on un remitted offshore earnings.

The company said it would revise its 2017 diluted earnings per share guidance lower by about 19 cents to reflect cash bonuses and the charge.

(Reuters reporting by Sangameswaran S in Bengaluru; Editing by Saumyadeb Chakrabarty)