UPDATE: Target Reports 2.7% Rise In Q1 Profit

Target Corp TGT reported a 2.7% rise in its fiscal first-quarter profit on Wednesday. The retailer's Q1 profit surged to $689 million, or $0.99 per share, from $671 million, or $0.90 per share, in the year-earlier period. Its sales climbed 2.8% to $15.6 billion, while credit card revenue dropped 18% to $355 million. The retailer's comparable-store sales increased 2%. However, analysts were estimating earnings of $0.95 per share on sales of $16 billion. Target shares gained 0.93% to $51.25 in pre-market trading. Read more from Benzinga's Company news.