UPDATE: Target Posts Drop In Q2 Profit

Target TGT reported a drop in its second-quarter profit. Target's quarterly profit declined to $611 million, or $0.95 per share, versus a year-ago profit of $704 million, or $1.06 per share. Excluding one-time items, its adjusted profit came in at $1.19 per share. Its revenue climbed to $17.1 billion from $16.8 billion. However, analysts were expecting a profit of $0.96 per share on revenue of $17.3 billion. Target expects adjusted Q3 profit of $0.80 to $0.90 per share. Target shares fell 0.64% to $67.52 in pre-market trading.