Target Sets a Fifth Round of Bonuses, Up to $2,000

Target plans a fifth round of staff bonuses, ranging from $500 for hourly workers to as much as $2,000 for managers.
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Target  (TGT) - Get Report said it would lay out $200 million for a fifth round of employee bonuses and extend its coronavirus-related benefits.

Target will give $500 bonuses to all hourly workers and $1,000 to $2,000 for store directors and other leadership positions. 

The company's staffers are "the heart and soul of Target, showing up for one another and our guests — and making Target a safe and easy place to shop and work," the Minneapolis company said in a statement. 

"And never has their dedication, resiliency, care and compassion been more appreciated than during the pandemic."  

This is the fifth time Target has distributed bonuses to employees during the pandemic. The company says it invested $1 billion more in its workers in 2020 than it did in 2019.

The announcement comes after Target reported strong holiday-quarter results. 

Target's total sales in November and December grew 17.2% in the holiday period compared with a year earlier. Same-store sales grew 4.2% and comparable digital sales more than doubled (up 102%).

Customers used the services Target developed to respond to the coronavirus pandemic. Contactless same-day services — drive-up, order pickup and Shipt —nearly tripled (up 193%). Shipt is Target's delivery service.

Ninety-five percent of Target’s November and December sales were fulfilled by Target stores.

“Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety — adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through drive-up and Shipt,” Chief Executive Brian Cornell said in a statement. 

Target shares at last check slipped 0.9% to $190.10. They'd risen 8.7% in 2021 through the close of Friday's trading.