Target said Monday it will spend about $ 200 million on another round of employee bonuses and expand its coronavirus-related benefits after its heavy holiday seasons.
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. He said he has invested $ 1 billion more in employee benefits and payments during fiscal 2020 than in 2019.
Target has been one of the beneficiaries of the pandemic trends, as shoppers consolidate travel, fill larger baskets and use sidewalk pickups. This pattern continued over the holidays and increased the company’s comparable sales by 17.2%, while its e-commerce sales doubled in November and December.
This is the fifth time Target has given additional pay to workers during the pandemic. He also accelerated plans to raise his starting wages to $ 15 an hour in July.
It also offers extensive pandemic-related benefits for its workers, such as payment for those who need to be quarantined or stay home due to illness, access to virtual doctor visits, and free security care for to the relatives of the employees.
Target shares have risen 66% over the past year, bringing their market value to $ 96.1 billion. According to a Refinitiv survey, analysts expect the company to report in early March 2020 tax gains of $ 9.22 per share on sales of $ 92.71 million.