UPDATE: Target Reports Upbeat Q2 Profit; Shares Rise In Pre-Market

Target Corp TGT reported a rise in its fiscal second-quarter profit. Target's quarterly profit surged to $704 million, or $1.03 per share, from $679 million, or $0.92 per share, in the year-ago period. Its sales climbed 5.1% to $15.9 billion. Target's comparable-store sales climbed 3.9%. However, analysts were expecting earnings of $0.97 per share on revenue of $16.17 billion. Target projects Q3 profit of $0.70 to $0.75 per share and $4.15 to $4.30 per share for the year. However, analysts expected Q3 earnings of $0.72 per share and $4.14 per share for the year. Target shares surged 5.96% to $52.31 in pre-market trading.