Target raises hourly minimum wage to $12

It's only been six months since Target last hiked hourly wages.

What's happening?

Target's hourly workers are getting another raise.

CEO Brian Cornell confirmed that after raising its minimum wage to $11 this past fall, Minneapolis-based Target will be raising it again to $12 in spring.

He made the announcement at Target's annual financial community meeting Tuesday morning, a few hours after Target revealed positive 4th Quarter results.

Why is it doing this?

Target had already revealed its intentions to raise minimum wages for its hourly staff to $15 by 2020, so this increase to $12 was always planned.

However, given the previous wage hike from $10 to $11 only just happened in October, the rise to $12 arrived a little sooner than expected.

Cornell said the reason is because when it raised wages to $11, it saw a 30 percent surge in applicants, as well as a better quality of applicant as well.

He's hoping lightning strikes twice now that it's raising wages to $12, getting the hop on rival Walmart, which only matched Target's $11 wage following the passage of December's tax bill.

Target employs around 323,000 workers across more than 1,800 stores. It's not clear however how many of those are on hourly wages.

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