Rob Wile is a breaking business news reporter for NBC News Digital.
Target is ratcheting up bonuses for salaried employees, including leaders in stores and across supply chains, thanks to a surge in profits. The move comes thanks to $2 billion in additional profit growth for 2023, a company spokesperson said in a statement Thursday. Target's stock surged in November, after falling for much of 2023, as the company reported it had lowered costs to offset a slowdown in consumer discretionary spending. Since mid-November, Target’s shares have climbed some 54%.
“We’re rewarding our team accordingly,” the spokesperson said in a statement. In-store managers and supply-chain operation leaders are among those who will see the increased bonuses, according to the statement. The news was first reported by Bloomberg. The profits bump is part of a trend of stronger earnings growth for companies across the board as inflation cools and labor productivity surges to all-time highs. On Thursday, stock indexes closed at all-time highs.
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