Target doubles employee bonuses after strong profits [Video]

Target is doubling its bonuses this year after profits beat the company’s expectations during fiscal year 2023. 

The Minneapolis-based retail behemoth is planning to pay 100% of eligible 2023 bonuses to salaried employees, the company confirmed to FOX Business. Last year, it was 50%.

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“The bonus structure is informed by goals set at the beginning of the fiscal year, and includes sales performance and profit outcomes,” Target spokesperson Brian Harper-Tibaldo told FOX Business. “Based on Target’s performance in 2023, including the $2 [billion] in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year, we’re rewarding our team accordingly.” 

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The company didn’t disclose how many of its employees are eligible but that the increased payouts don’t apply to hourly workers, who make up the majority of its more than 400,000 employees. 

“Like many companies, Target offers a bonus plan for select employees, including leaders …