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Target posts $681M in 1Q

Associated Press

Minneapolis — Target is reporting that first-quarter profits jumped almost 8 percent as attempts to turn around its business appear to be gaining some traction.

The retailer on Wednesday reported earnings of $681 million, or $1.23 per share, for the quarter ended April 29. That compares with $632 million or $1.06 per share in the year-ago quarter.

Adjusted earnings were $1.21 per share, way better than the 91 cents analysts were expecting, according to a survey by FactSet.

Revenue fell 1.1 percent to $16.02 billion, but that’s still better than the 16.22 billion expected on Wall Street. While comparable-stores sales fell, it was not as bad as expected.

Target Corp. is trying to reinvent itself as it faces stiff competition from Amazon.

Shares are up more than 5 percent in premarket trading.