Target boosts annual profit outlook as sales rise

NEW YORK (AP) — Target is on its way back.

Shoppers are visiting the company’s stores more often and spending more on each trip, the Minneapolis-based discount-store chain said Wednesday.

The company raised its annual profit outlook and said its second-quarter net income more than tripled.

The company said second-quarter earnings were $753 million, or $1.18 per share for the three month period ended Aug. 1. That compares with $234 million, or 37 cents per share, a year earlier.

Adjusted earnings were $1.22, above Target’s range of $1.04 to $1.14 per share.

Target says revenue at stores open at least a year rose 2.4 percent, in line with expectations. In comparison, Wal-Mart’s U.S. stores saw a 1.5 percent increase.

Target now believes that it will earn $4.60 to $4.75 per share for the full year. That’s up from its prior projection of $4.50 to $4.65 per share.