Target said on Monday that it will spend about $ 200 million on another round of employee bonuses and extend its coronavirus-related benefits after its strong vacation.
The discount retailer will give $ 500 bonuses to all hourly workers and $ 1,000 to $ 2,000 bonuses for store managers and others in leadership positions. She said she spent $ 1 billion more on employee benefits and payments in fiscal 2020 than in 2019.
Target has been one of the beneficiaries of pandemic trends, as buyers consolidate travel, fill larger baskets and use collection on the sidewalk. This pattern continued during the holiday, boosting the company’s comparable sales by 17.2%, while e-commerce sales more than doubled in November and December.
This is the fifth time that Target has granted additional payment to workers during the pandemic. He also accelerated plans to increase his starting salaries to $ 15 an hour in July.
It also extended pandemic-related benefits to its employees, such as payment for those who need to be quarantined or stay at home due to illness, access to virtual medical consultations and free alternative care for employees’ family members.
Target’s shares increased 66% last year, bringing its market value to $ 96.1 billion. Analysts expect the company to release a 2020 tax profit of $ 9.22 per share on sales of $ 92.71 billion in early March, according to a Refinitiv survey.