Target Corp (NYSE:TGT) has reportedly laid down plans to double employee bonuses this year as expectations grow of a recovery in sales.
Salaried employees will be paid 100% of their eligible 2023 bonuses, after being paid 50% last year, Bloomberg reported on Thursday, citing sources familiar with the matter.
Such increases will not apply to hourly employees though, while bosses will be paid based on a separate bonus structure.
The move comes as the Minneapolis-based retailer anticipates a recovery in sales over 2024, aided by lower shipping and supply-chain costs, alongside reduced markdowns.
A new membership programme is set to be launched too, in a further bid to encourage demand.
Target, which employed 415,000 full-time, part-time and seasonal team members as of February, posted above-expected per-share earnings of US$2.98 for the fourth quarter earlier this month, up 57.6% on a year earlier.