Target rises after announcing planned increase in holiday hiring

Shares of Target (TGT) are climbing in early trading after the company announced that it will hire significantly more seasonal workers for the critical holiday season than last year. 2017 SEASONAL HIRING PLANS: Target said it will hire about 100,000 seasonal workers this year, up materially from the 70,000 it hired last year prior to the holiday season. Target also said it will add 4,500 jobs at its distribution centers to fulfill online orders and replenish products at its brick and mortar stores throughout the season. "Target has made significant investments in our business throughout 2017, and our commitment to hire 100,000 team members for the holidays will make shopping at Target even easier and more fun during one of the busiest times of the year," Target's chief stores officer, Janna Potts, announced in a statement. The seasonal hiring begins October 13, and Target said benefits include "competitive wages," a 10% discount on Target purchases online and in stores as well as a 20% discount for certain fruits and vegetables and athletic apparel merchandise. WHAT'S NOTABLE: Last month, Target Chairman and Chief Executive Officer said the retailer's digital sales were up 32% in Q2 and that the company was testing and rolling out additional fulfillment options, including Target Restock and the expansion of ship from store. Earlier this month, Target said it cut prices on "thousands" of items, "from cereal and paper towels to baby formula, razors, bath tissue and more." The Harvard Business Review said last year that large-format stores are losing favor to "Amazon (AMZN) and other e-commerce sellers and to specialty retailers," and that they must use their vast logistics to offer big discounts to shoppers if they want to survive. Target's announcement about its pricing actions closely followed Amazon's recent closing of its acquisition of Whole Foods and the subsequent slashing of prices at the grocery chain. OTHERS TO WATCH: Other retailers are expected to soon announce their plans for seasonal hiring, including Wal-Mart (WMT), Macy's (M), Kohl's (KSS) and J.C. Penney (JCP), as well as Amazon. Last year, Amazon said it would hire more than 120,000 seasonal positions across its U.S. network, while Macy's said it would hire 83,000 seasonal workers last year and J.C. Penney said it would bring on 40,000 seasonal workers. In 2016, Kohl's said it planned to add more than 69,000 seasonal workers. PRICE ACTION: Target is up 1% in early trading to $58.47.