Target’s third-quarter profit tumbled as the retailer struggles to lure shoppers that 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. The company also announced that it's planning to invest another billion dollars next year to remodel stores, build new ones, increasing the total cost for the makeover to $5 billion.

Investors have punished Target’s stock recently, sending it down 45 percent over the past 52 weeks. Shares fell $2.47, or nearly 3 percent, to close at $86.06 Wednesday.

Turning around the 19 percent profit slide in the most recent quarter is the latest challenge for incoming CEO Michael Fiddelke, a 20-year company veteran who is replacing CEO Brian C

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