Target to give employees bonuses after strong holiday season, extends Covid-related benefits

An worker outdoors a Target retailer in Clifton, N.J.

Adam Jeffery | CNBC

Target mentioned Monday it can spend about $200 million on one other spherical of worker bonuses and prolong its coronavirus-related benefits after its strong holiday season.

The low cost retailer will give $500 bonuses to all hourly employees and bonuses of $1,000 to $2,000 to retailer administrators and others in management positions. It mentioned it has spent $1 billion extra on worker benefits and pay in fiscal 2020 than in 2019.

Target has been one of many beneficiaries of pandemic tendencies, as consumers consolidate journeys, refill greater baskets and use curbside pickup. That sample continued over the vacations, boosting the corporate’s comparable gross sales 17.2%, whereas its e-commerce gross sales greater than doubled in November and December.

This is the fifth time Target has given further pay to employees through the pandemic. It additionally accelerated plans to increase its beginning wages to $15 an hour in July.

It additionally has prolonged pandemic-related benefits for its employees, equivalent to pay for individuals who want to quarantine or keep house from sickness, entry to digital physician visits and free backup look after employees’ relations.

Target shares have risen 66% over the previous 12 months, bringing its market worth to $96.1 billion. Analysts anticipate the corporate in early March to report fiscal 2020 earnings of $9.22 per share on gross sales of $92.71 billion, in accordance to a survey by Refinitiv.

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