Consumers are no longer warming up to Target

Target's latest earnings report was disappointing, causing shares to fall as consumers seem to be losing interest in the retailer.

Target reported its worst earnings in years just as the holiday shopping season was kicking into high gear. Shares of the company fell 21 percent after the recent release of third-quarter earnings.

Many customers have been turning to rival Walmart due to inflationary pressures, especially as consumer shopping preferences have shifted against the backdrop of rising food prices. According to Yahoo Finance, many of Target's higher-income customers appear to be flowing to Walmart, with “about 75 percent of the market share growth coming from households earning more than $100,000 a year.”

The Wall Street Journal reported that “shoppers once prided themselves on buying cheap fashion items at Target, but now they've begun complaining about missing items on the shelves, long checkout lines and merchandise locked up for burglary.”

Target is in a “sales slump,” and CEO Brian Cornell and his team continue to insist that “external factors, such as the macroeconomic environment,” are to blame for the company's poor performance.

Target said store visits increased in the latest quarter and customer experience scores were up from last year. Internal customer surveys showed improvements in customer ratings for quality of service, checkout wait times, product availability and store cleanliness.

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