Target, Feels the Impact of Inflation , as Quarterly Profits Continue to Fall.br According to CNN, Target reported that profits br plummeted 90 in the second quarter as inflation br drives consumers to cut back on spending.br The retailer's quarterly br net income dropped br to $183 million.br At the same time in 2021, br Target had a net income br of $1.8 billion. .br Target was forced to cut prices on general br merchandise due to excess inventory, br but the move did little to drive up sales.br The retailer ended the quarter with br 1.5 more inventory than three months earlier br and 36 more than the same time last year.br After the lower-than-expected br profits were reported, shares in br Target fell 2 in premarket trading.br CNN reports that this marks br the second consecutive quarter br of plummeting earnings for Target.br The losing streak comes br after seven quarters br of strong profit growth.br On August 17, CEO Brian Cornell told investors that while br the environment for retailers remains "challenging," he believes br that earnings will start to recover in the next quarter.br On August 17, CEO Brian Cornell told investors that while br the environment for retailers remains "challenging," he believes br that earnings will start to recover in the next quarter.br The high-level story is: br The vast majority of the financial br impact of these inventory br actions is now behind us, Brian Cornell, Target CEO, via CNN.