This week’s list includes Walmart WMT, Target TGT and Foot Locker FL. Dissecting Retail Earnings and Shifting Consumer Spending Trends It is no surprise that the combined weight of elevated inflation, rising interest rates, and uncertainty about the economy has forced consumers to change their spending behavior. One notable recent development on the earnings front, which we have been flagging in recent weeks, is the reversal on the revisions front, with full-year 2023 earnings starting to go up since the start of April.