Target posted fiscal first-quarter results that fell well short of Wall Street's expectations and slashed its full-year earnings guidance, as the retailer grapples with waning consumer spending and the fallout from a boycott related to its move to end some diversity programs.

U.S.-listed shares of the company fell 1% in premarket trading.

Target on Wednesday reported adjusted earnings of $1.30 a share, for the quarter ended May 3, down from $2.03 a share a year earlier and missing the $1.61 a share that analysts polled by FactSet, on average, were expecting.

Sales fell 2.8% to $23.85 billion, shy of the $24.23 billion Wall Street was looking for, while comparable sales fell 3.8%, worse than the 2% drop analyst had penciled in.

The Minneapolis retailer said it now expects adjusted earnings of $7 to $9 a share for the current fiscal year, down from a February forecast of $8.80 to $9.80 a share. Analysts were expecting a full-year adjusted profit of $8.34 a share.