Target posts flat profit as it gets ready for Canada

15/08/2012 - 12:38

(Reuters) - Target Corp posted a flat quarterly profit on Wednesday, as it won over shoppers with an expanded selection of food in many stores and discounts for its loyal card holders, while spending more to get ready to open Canadian stores next year.

TARGET (TGT.NY)earned $704 million, or $1.06 per share, for the second quarter, compared with a profit of $704 million, or $1.03 per share, a year earlier. Target had fewer shares outstanding than a year earlier.

Target earned $1.12 per share, excluding items, in line with its forecast of $1.04 per share to $1.14 per share.

The U.S. discount chain previously reported that sales in the quarter rose 3.5 percent to $16.45 billion, while sales at stores open at least a year, or same-store sales, rose 3.1 percent.

(Reporting by Jessica Wohl in Chicago; Editing by Gerald E. McCormick)