Target is ratcheting up bonuses for salaried employees, including leaders in stores and across supply chains, thanks to a surge in profits.<\/p>\n\n\n\n
The move comes thanks to $2 billion in additional profit growth for 2023, a company spokesperson said in a statement Thursday.<\/p>\n\n\n\n
Target’s stock surged in November after having fallen for much of 2023 as the company reported it had lowered costs to offset a slowdown in consumer discretionary spending. Since mid-November, Target\u2019s shares have climbed 54%.<\/p>\n\n\n\n
The company spokesperson confirmed that eligible Target employees received 100% of their 2023 bonuses, up from 50% the previous year.<\/p>\n\n\n\n
\u201cWe\u2019re rewarding our team accordingly,\u201d the spokesperson said.<\/p>\n\n\n\n
In-store managers and supply-chain operation leaders are among those who will get the increased bonuses, the statement said.<\/p>\n\n\n\n
Bloomberg first reported the news<\/a>.<\/p>\n\n\n\n The profits bump is part of a trend of stronger earnings growth for companies across the board<\/a> as inflation cools and labor productivity surges to all-time highs.<\/p>\n\n\n\n On Thursday, s<\/a>tock<\/a>\u2002indexes\u2002<\/a>closed at all-time highs<\/a>.<\/p>\n\n\n\n The bonuses don\u2019t apply to Target\u2019s hourly employees, whose pay starts at $15 an hour except in markets like California, where it rises to $19.75. That compares with a starting hourly wage of $14 for Walmart workers.<\/p>\n\n\n\n