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posted an increase in second-quarter earnings, but the company's results missed Wall Street's consensus estimate by a penny.

The Minneapolis-based retailer, which operates Target, Mervyn's and Marshall Field's stores, earned $358 million, or 39 cents a share, compared with $344 million, or 38 cents a share, last year. Analysts were expecting 40 cents a share.

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Revenue was $10.98 billion, up 9% from $10.07 billion in the year-ago period. Sales increased 11.3% at Target stores, the company said, helped by new store openings. Comparable-store sales rose 1.5%.

"We are pleased with our second-quarter performance for the corporation overall, driven by strong results at Target Stores despite a difficult comparison to a year ago," Bob Ulrich, chief executive of Target, said in a press release.

Shares of Target were recently down 2.6%, or $1.04, at $38.90 in Instinet premarket trading.