Chicago, Target Corp.’s second-quarter profits rose 50%. The company earned $540 million, or 61? per share. Analysts had expected earnings to be 59? per share. Last year, Target made $360 million, or 39? per share, during the second quarter.
Target attributes its higher earnings to a demand for clothing and outdoor gear due to the hot summer weather. The company is the No. 2 discount retailer in the U.S. behind Wal-Mart Stores Inc.