Target to double bonuses for salaried staff as profits recover | Wilnesh News

Target The major retailer will double bonuses paid to salaried staff this year as its profits recover from a bumpy ride in recent years. Two-year extension.

The Minneapolis-based retailer’s salaried employees will receive annual bonuses based on Target’s performance and qualifying amounts as part of their compensation.Retailer will pay 100% of annual bonus to eligible employees amount for the most recent fiscal year, a company spokesman said Thursday. A 50% increase from last year.

Target said in a statement that annual bonuses are contingent on performance against sales and profit targets set by the retailer at the beginning of the fiscal year.

“Based on Target’s 2023 performance, including the $2 billion in additional profit growth our teams achieved, exceeding the goals we set at the beginning of the year, we will reward our teams accordingly,” the company statement said.

Target will pay its annual cash bonus in late March. However, the amount paid will not be that high. Up to 175% of each employee’s qualifying bonus amount.

The vast majority of Target’s approximately 415,000 employees, such as those in its stores and warehouses, are paid hourly wages and are not eligible for bonuses. Target has a different bonus structure for its top executives.

The increased bonus payout will be initially Burundi.

Target has endured nearly two years of challenges characterized by inventory issues, weak discretionary spending, ballooning supply chain costs and rising theft rates. Target’s comparable sales fell for the third consecutive quarter during the holiday quarter, and e-commerce sales also fell from a year earlier.

The discounter said it expected sales challenges to continue. Target said it expects full-year comparable sales in 2024 to be flat to grow 2%.

But Target’s profits and margins improved as it focused more on inventory and lowered some costs, such as shipping costs. Target said it expects adjusted earnings per share for the current fiscal year to be between $8.60 and $9.60.The high end of the range will peak It reported adjusted earnings per share of $8.94 in its last fiscal year.