Target forecast holiday-quarter comparable sales and profit below estimates on Wednesday as value-conscious consumers shopped for low-priced essentials at rival retailers including Walmart, sending its shares tumbling 18% in early trading.

Target etched out a slim sales increase in the third quarter but profits slumped as inflation-weary customers pulled back on spending and costs related to a dockworker strike in October dragged on results.

The Minneapolis retailer fell short of Wall Street expectations for the quarter and its outlook for the final three months of the year also disappointed industry analysts in an environment in which Americans are still spending,

Target struggles in the third quarter and tempered expectations for the holidays.