UPDATE 1-Target forecasts rise in 2nd-qtr comparable sales, higher profit

(Adds details, share move)

July 13 (Reuters) - Target Corp said on Thursday it expects a "modest" increase in second-quarter comparable sales, the first rise in five quarters, helped by improved traffic and sales trends in the first two months of the quarter ending July.

The retailer had previously forecast a low single-digit decline in comparable sales.

Target also said on Thursday it expects second-quarter profit to come in above its forecast range of $0.95 to $1.15 per share, also helped by a net tax effect related to its global sourcing operations.

The retailer's shares were up 5.4 percent at $53.61 in premarket trading.

Department store operator J.C. Penney Co Inc also said this week it was expecting second-quarter sales to significantly improve from the first quarter.

Target also said it was pleased with initial results from Target Restock, a next-day home delivery service it is testing in Minneapolis-Saint Paul.

Target will report second-quarter results on Aug. 16. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)