Target raising minimum starting pay for second time
Zeke Fuhrman | Mar 7, 2018 AT 6:53 am
(KNSI/AP) - Target is raising its minimum starting pay for workers for the second time in less than a year after seeing a bigger and better pool of candidates.
Target, which hiked starting pay to $11 an hour last fall, said all workers this spring will receive a minimum of $12 per hour.
CEO Brian Cornell said Tuesday that Target will offer workers $15 an hour by 2020.
He says Target Corp. recorded a significant spike in applicants when it boosted pay, and a better quality of worker, too.
Target is reporting fourth-quarter earnings just shy of expectations, though revenue is better than expected.
Target had a profit of $1.1 billion, or $2.02 per share. Earnings, adjusted for one-time gains and costs, were $1.37 per share, which is 2 cents short of analyst projections, according to Zacks Investment Research.