Lowe's executive apologizes for derogatory comment about Hispanics - CNN

"This is perfect for them. Lifetime warranty on this. What else could you want?" said Joe McFarland, Lowe's (LOW) executive vice president of stores, in a corporate video broadcast to store employees Monday. The Washington Post first reported on the video.

McFarland apologized after employees criticized his comments online, saying they were offensive.

"I am sorry for a careless and ignorant comment I made during an associate broadcast yesterday," he said in a company-issued statement, adding that he took full responsibility and will be "spending time in the coming days and weeks with our associates, customers and business leaders to learn and grow from this moment."

McFarland joined Lowe's last year from JCPenney (JCP), where he oversaw that company's stores, operations and merchandise strategies. He previously worked at Home Depot (HD).

Lowe's did not say whether he would face any consequences consequences for the comments.

The company operates more than 1,700 stores in the United States. As of February 1, it employed approximately 190,000 full-time and 110,000 part-time workers in the United States, Canada and Mexico. Earlier this month, Lowe's said it would lay off thousands of workers, including assemblers who put together items like grills and patio furniture. It will also cut maintenance and facility-service jobs, such as janitors, and outsource those positions to third-party companies.

Correction: An earlier version of this story misstated which company had said earlier this month that it was cutting jobs.

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