The retailer Target Corp. said second-quarter earnings rose 12.6 percent and it reaffirmed its full-year guidance on Tuesday.
Target earned $686 million, or 80 cents per share, during the second quarter ended Aug. 4, up from $609 million, or 70 cents per share, last year.
Revenue rose 9.5 percent to $14.62 billion from $13.35 billion a year ago.
Analysts surveyed by Thomson Financial were expecting Target to earn 80 cents per share on revenue of $14.67 billion.
Investors have been watching nervously for Target’s results since last week, when rival Wal-Mart Stores Inc. posted a higher quarterly profit but cut its 2007 earnings forecast because of weak consumer spending.
Target said its prior estimate of full-year earnings of $3.60 per share “remains within the range of likely outcomes.”
Target said same-store sales rose 4.9 percent for the quarter. On Monday, Target said it expects same-store sales to rise between 4 percent and 6 percent in August.
