Target Corp (TGT  ) is reportedly doubling the bonuses for salaried workers in an occasional display of its financial strength.

The company is set to pay 100% of eligible bonuses for 2023, doubling the previous year's allocation of 50%, according to a report from Bloomberg, which cited people familiar with the matter.

The increased bonuses don't extend to hourly employees and senior executives under a separate bonus arrangement. Bonuses are anticipated to be distributed by the end of March.

Target faced challenges in 2022, contending with inflation and sales declines, primarily driven by shifting consumer priorities towards essential goods over discretionary items like clothing and home goods.

Despite setbacks, recent weeks have seen positive developments, with Target posting better-than-expected fourth-quarter FY23 earnings.

Also, recently, Target revealed its plan to introduce a paid membership program and revamp multiple stores.

Shares of Target have risen nearly 20% year to date. Earlier this year, rival Walmart Inc (WMT  ) announced a stock split and increased compensation for store managers.

Investors can gain exposure to the stock via VanEck Retail ETF (RTH  ) and MarketDesk Focused U.S. Dividend ETF (FDIV  ).

Price Action: TGT shares are trading lower by 0.33% at $169.90 on the last check Thursday.