Target Quarter Swollen by Gain

Updated from 9:12 a.m. EDT

Shares of Target(TGT Quote) were outperforming the broader market after the company posted a huge increase in quarterly profit thanks to the sale of its Marshall Field's department store chain. The company was also upbeat on a conference call, listing off several new initiatives to drive growth.

The company also said the Thomson First Call third-quarter earnings-per-share estimate is a "reasonable expectation." Shares of the company were lately up $2.19, or 5.4%, at $42.61.

Earlier, the company said net income in the period ended Aug. 2 was $1.416 billion, or $1.54 a share, compared to $358 million, or 39 cents a share, in the year-earlier period. Results included a gain of $1.11 a share from the sale of Marshall Field's to May Department Stores(MAY Quote), which was finalized on July 31. ...