Target Corp., the second-largest US discount retailer, said annual sales may top $100 billion within the next seven years, bolstered by its first expansion outside the US.

That would amount to an increase of more than 50 percent from last year. The chain also may double earnings per share over that period, Chief Financial Officer Douglas Scovanner said yesterday on a conference call after fourth-quarter results.

Net income in the period ended Jan. 29 rose 11 percent to $1.04 billion, the Minneapolis-based company said.

Excluding a tax benefit, Target’s fourth-quarter earnings per share was $1.38. Analysts on average projected $1.39, according to estimates compiled by Bloomberg News.

Revenue climbed 2.4 percent to $20.7 billion. Same-store sales rose 2.4 percent last quarter, bringing the company to its first annual gain in three years.

Target, led by Chief Executive Gregg Steinhafel, plans to open stores in Canada in 2013. The expansion, coupled with Target’s new rewards program and the introduction of more fresh food, may help the chain overcome a “persistently weak” US discount market, Scovanner said.

Target shares rose $1.74, or 3.5 percent, to $52. The stock has dropped 14 percent this year, compared with a 3.5-percent decline for larger rival Walmart.

For 2011, Target’s sales at stores open at least a year may increase as much as 5 percent, after a 2.1 percent gain last year, with the rewards and grocery sections accounting for more than half that growth, said Scovanner.