Target Corp., the second-largest U.S. discount retailer, projected full-year earnings that exceeded analysts’ estimates, helped by discount card initiates and grocery sales.

Adjusted earnings per share for fiscal 2012 will be $4.55 to $4.75, the Minneapolis-based company said today in a statement. Analysts projected $4.25 a share, the average of 22 estimates compiled by Bloomberg.

Chief Executive Officer Gregg Steinhafel has maintained sales growth by adding fresh groceries to stores and enticing shoppers to spend more with company-issued credit and debit cards that offer discounts. Those initiatives have also narrowed profit margins.

Target rose 2.5 percent to $54.30 at 7:36 a.m. in New York. The shares declined 15 percent last year.

The company reported fourth-quarter profit of $1.49 a share, excluding some items. Analysts projected $1.39, the average of 21 estimates compiled by Bloomberg.

Total revenue, including revenue from credit cards, rose 3 percent to $21.3 billion. Same-store sales, a key measure of a retailer’s growth because only established stores are counted, rose 2.2 percent, the company reported on Feb. 2.