Back in its second-quarter earnings report in August, Target (NYSE: TGT) gave investors hope that it was finally turning the corner. Since the pandemic began to wind down, the retailer has struggled with inflation,

Target shares tumbled 20% Wednesday morning following the release of the retailer's third-quarter earnings report, as it missed estimates for sales and profit.

The retailer’s downbeat earnings report, which included lower profit and larger inventory, fell far short of Wall Street’s expectations.

Target CEO Brian Cornell told analysts on Wednesday that there was "continued softness" in certain discretionary categories "as consumers continue to spend cautiously."

Target saw its share price plunge by more than 20% on Wednesday as its third quarter results signaled some rocky times ahead for the Minneapolis retailer. While the retailer isn't destined for the poorhouse anytime soon,