Target loses more than one-quarter of its value overnight during nightmare on Wall Street

The future is looking uncertain for department store, Target, as it continues to battle rising inflation and operating costs

The retailer’s United States business has seen its quarterly profit halve and the company is now warning prices of goods are set to increase.

Highlighting rising fuel and freight costs it’s a sign retailers across the world are continuing to battle with surging inflation.

Target shares fell by 26 percent following the bleak results.

Meanwhile rival company Walmart has cut its annual profit view and its shares in the company have had their worst day since 1987.