Target profit flat in Q2; raises outlook

Minneapolis -- Target Corp. reported Wednesday that profit for the second quarter remained essentially flat at $704 million.

Sales advanced 3.5% to $16.45 million, boosted by a 3.1% same-store sales rise in the quarter but missed Wall Street’s expected $16.75 million in revenue.

The retailer told investors it was pleased with the performance of its City Target debuts in Seattle, Los Angeles and Chicago. It is also looking ahead to its Canadian expansion, as Target will soon begin opening its 125 to 135 stores at store locations once owned by Canadian discounter Zellers.

Target also raised its profit guidance for the year.