"Investors are in a dilemma as Target's third-quarter profits decline."

Target's Third Quarter Challenges

Target announced that its third quarter profits have significantly declined. Struggling to attract customers amid high inflation, the retailer aims to boost its revenues. The Minneapolis-based company expects the decline in sales to continue throughout the holiday shopping season.

Recently, investors have severely penalized Target stocks, which have lost 43% of their value over the past year. The stock showed a decline before the market opened.

Michael Fiddelke will be appointed as the new CEO of Target, starting his duties at the beginning of next year. With 20 years of experience in the company, Fiddelke will be responsible for reversing the company's 19% profit loss. Meanwhile, the discount retailer aims to break free from a prolonged sales stagnation and regain its reputation as the go-to for stylish yet affordable products.