Target Corp. (NYSE: TGT) reported its fiscal second-quarter financial results Wednesday before the markets opened. The retail giant had $1.22 in earnings per share (EPS) on $17.43 billion in revenue. That compared to consensus estimates from Thomson Reuters that called for EPS of $1.11 and revenue of $17.40 billion. In the same period of the previous year, Target posted $0.78 in EPS on $17.41 billion in revenue.

Second-quarter comparable sales growth of 2.4% was in line with the company’s expectations, driven primarily by growth in comparable transactions.

The company updated its guidance for the fiscal third quarter and the full year. Target expects EPS in the range of $0.79 to $0.89 for the third quarter, compared to the consensus estimate of $0.86 in EPS. The company expects the full year EPS to be in the range of $4.60 to $4.75, compared to the consensus estimate of $4.62.

Target repurchased 8.2 million shares of common stock at an average price of $81.94, for a total investment of $675 million. The company also paid dividends of $331 million during second quarter.

Brian Cornell, chairman and CEO of Target, commented on earnings:

We’re very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability. While the momentum in our financial results is encouraging, we have much more to accomplish. Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons.

On the books, Target has $2.74 billion in cash, cash equivalents and short-term investments, compared to $2.21 billion at the end of the previous fiscal year.

Shares of Target were up 4.5% Wednesday morning, at $83.87 in its 52-week trading range of $58.25 to $85.81. But the stock has a consensus analyst price target of just $83.65.

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