Big investments in stores and in tech pay off at Target

Heavy investments in stores and technology are paying off at Target, which is reporting strong second-quarter numbers across the board.

Same-store sales rose 6.5 percent, the greatest increase in 13 years. Traffic in stores rose 6.4 percent, the highest since 2008 when it first started releasing that measure.

It also raised its annual earnings expectations.

The Minneapolis retailer on Wednesday reported a profit of $799 million, or $1.49 per share. Earnings, adjusted for pretax gains, came to $1.47 per share, which is 7 cents better than Wall Street expected, according to a Investment Research survey.

Revenue was $17.78 billion, also better than expected.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGT at https://www.zacks.com/ap/TGT

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