Target's profits jumps 1.2 percent

A Target store logo seen in Miami.
AP Photo/Wilfredo Lee

(AP) NEW YORK - Target Corp. (TGT) is reporting a 1.2 percent increase in first-quarter profit as the discount chain pulled in more shoppers with its food and trendy fashions.

Target says that it earned $697 million, or $1.04 per share, in the quarter ended April 28. That compares with $689 million, or 99 cents per share, in the year-ago period. Revenue rose 5.9 percent to $16.86 billion.

Results beat the earnings of $1.02 per share on revenue of $16.83 billion analysts polled by FactSet were expecting.

Revenue at stores opened at least a year rose 5.3 percent. The measure is considered a key indicator of a retailer's health.

The company, based in Minneapolis, is raising its full-year profit guidance.

Target's stock rose $1.27, or more than 2 percent, to $56.35 in pre-market trading.