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Target said on Monday it would spend around $ 200 million on another round of employee bonuses and extend its coronavirus benefits after its heavy holiday season.
The discount retailer will offer bonuses of $ 500 to all hourly employees and bonuses of $ 1,000 to $ 2,000 to store managers and others in managerial positions. He said he spent $ 1 billion more on benefits and compensation in fiscal 2020 than in 2019.
Target has been one of the beneficiaries of the pandemic trends, as shoppers consolidate their trips, fill larger baskets, and use curbside pickup. This trend continued through the holidays, increasing the company’s comparable sales by 17.2%, while its online sales more than doubled in November and December.
This is the fifth time Target has granted extra pay to workers during the pandemic. He also accelerated plans to increase his starting salary to $ 15 an hour in July.
It has also extended pandemic-related benefits for its workers, such as paying those who need to quarantine or stay home after illness, access to virtual doctor visits, and care. free relief for family members of employees.
Target stocks have risen 66% in the past year, bringing its market value to $ 96.1 billion. Analysts expect the company to report FY20 2020 profit of $ 9.22 per share in early March on revenue of $ 92.71 billion, according to a Refinitiv survey.
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