An employee outside a Target store in Clifton, NJ
Adam Jeffery | Cnbc
Target said on Monday it would spend about $ 200 million on another round of employee bonuses and expand coronovirus-related benefits after its strong holiday season.
The discount retailer will give a $ 500 bonus to all hourly workers and $ 1,000 to $ 2,000 to store directors and others in leadership positions. It said it made $ 1 billion more in fiscal benefits and payments in 2020 than in 2019.
Target has been one of the beneficiaries of the epidemic trend, as shopkeepers make trips, fill large baskets and use curbside pickups. This pattern continued during the holidays, with the company’s comparable sales increasing 17.2%, while its e-commerce sales more than doubled in November and December.
This is the fifth time Target has given workers additional pay during the epidemic. It also accelerated plans to raise its starting wage to $ 15 in July.
It has also increased epidemic-related benefits for its workers, such as paying for those who have to live out of illness or out of the home, access to virtual doctor visits, and free backups for family members of staff Care is required.
Target shares increased 66% over the previous year, bringing its market value to $ 96.1 billion. According to a survey by Refinitive, analysts expect the company to report earnings of $ 9.22 billion with sales of $ 92.71 billion in early March.