(RTTNews) - Discount retailer Target Corp. (TGT) reported Wednesday that third-quarter net profit halved from last year, reflecting a 330 basis points drop in gross margins, driven primarily by markdowns in an increasingly challenging environment. On average, 26 analysts polled by Thomson Reuters expected the company to report earnings of $2.13 per share for the quarter. "In the latter weeks of the quarter, sales and profit trends softened meaningfully, with guests' shopping behavior increasingly impacted by inflation, rising interest rates and economic uncertainty," said Brian Cornell, Chairman and CEO of Target.