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Business

Target doubling bonuses for its salaried employees this year: report

By
Shannon Thaler
Published March 21, 2024, 9:57 a.m. ET

Target is reportedly doubling bonuses for its salaried workers this year in a display of financial strength — despite a challenging year for the retailer during which it reported its first decline in store visits and same-store sales since before the pandemic.

Target has plans to pay 100% of employees’ eligible 2023 bonuses, up an impressive 50% from the year prior, people familiar with the matter speaking on condition of anonymity told Bloomberg.

The Minneapolis-based chain employs more than 415,000 people — most of whom are hourly and distribution-center employees — though it was unclear how many would be affected by the bonus bump.

The increased payouts don’t apply to hourly employees, and senior executives have a separate bonus structure, some of the people told Bloomberg.

The cash bonuses will be payable at the end of March, according to Bloomberg.

A Target spokesperson told The Post that “the bonus structure is informed by goals set at the beginning of the fiscal year, and includes sales performance and profit outcomes.”

Target employee returning shopping carts to the store in Falls Church, Virginia on May 14, 2012
Target has plans to pay 100% of salaried employees’ eligible 2023 bonuses, up an impressive 50% from the year prior, people familiar with the matter speaking on condition of anonymity told Bloomberg. REUTERS

“Based on Target’s performance in 2023, including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year, we’re rewarding our team accordingly,” the spokesperson added.

The move comes as Target looks to counter three consecutive quarters of sales declines. However, it raked in more profits in 2023’s fourth quarter than it did the year prior thanks to higher inventories of marked-down stock, the company reported earlier this month.

Robust Black Friday and Cyber Monday spending helped drive holiday-quarter sales for the three-month period ended Dec. 31, 2023, the company added, as shoppers gravitated to newly launched collections such as Kendra Scott jewelry and its private-label Figmint line of kitchenware.

Employees walk through the new Target store on the eve of the store's opening in Guelph, Ontario in this file photo taken March 4, 2013.
It wasn’t immediately clear how many of Target’s 415,000-plus workers would be eligible for the increased payouts, which will be payable at the end of March. REUTERS

Target has also recently revealed its cheapest brand yet to appeal to inflation-weary customers. The in-house brand is called “Dealworthy,” and comprises a product line mostly under $10 — 50% lower than any other brand sold at Target, which boasts roughly 1,900 stores nationwide.

Of the more than 400 items that make up “Dealworthy” — which is launching throughout 2024 — many are also priced at less than $1.

For customers with more cash on hand, Target has rolled out a paid membership program set to rival those at Walmart’s Plus subscription and Amazon Prime.

For five weeks beginning on April 7, the Target Circle 360 program will launch at a special membership price of $49 for the year, allowing shoppers same-day delivery for orders over $35, Target revealed in its latest earnings report.

After the five-week special, Target Circle 360 will run shoppers $99 annually for access to perks like annual birthday gifts, free shipping and an additional 30 days to return purchases beyond the standard 90-day return policy.

For reference, an Amazon Prime membership costs $139 a year and a Walmart Plus membership costs $98 a year.