10:46 AM EDT, 03/21/2024 (MT Newswires) -- (Updates with Target's ( TGT ) comment in the fourth paragraph.)

Target ( TGT ) is planning to pay 100% of employees' eligible 2023 bonuses, up from 50% the previous year, Bloomberg reported Thursday, citing unnamed sources familiar with the situation.

Senior executives would have a separate bonus structure, while hourly employees are not covered by the increased payouts, the report added, citing the people.

The company will pay cash bonuses at the end of this month, the report said.

"The bonus structure is informed by goals set at the beginning of the fiscal year, and includes sales performance and profit outcomes," a Target ( TGT ) spokesperson told MT Newswires in an email. "Based on Target's ( TGT ) 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."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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