Shares of the big-box retailer fell about 3% in premarket trading on Wednesday, while bigger rival Walmart's WMT.N stock was down about 1%. "Right now (the American consumer is) spending more due to inflation, saving less and delaying major purchases," Chief Growth Officer Christina Hennington said in a media call. Target has been looking to shift focus to household essentials and groceries as sticky inflation and higher interest rates prompt consumers to trade down, but its merchandise remains skewed to more discretionary products.