Target's third-quarter profit tumbled as the retailer struggles to lure shoppers who are being pressed by stubbornly high inflation.

The Minneapolis company said Wednesday that it expects its sales slump to extend through the critical holiday shopping season.

Investors have punished Target's stock recently, sending it down 43% over the past year. Shares edged lower before the opening bell.

Turning around the 19% profit slide in the most recent quarter is the latest challenge to incoming CEO Michael Fiddelke , a 20-year company veteran who is being promoted from chief operating officer early next year. The succession comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products.

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