Sales at Target fell more than expected in the first quarter and the retailer warned they will slip this year as consumers, worried over the impact of tariffs, pull back on spending.

Target's sales fell more than the Minneapolis-based retailer expected they would in the first quarter, and the company is warning they will slip for the rest of the year as shoppers limit spending.

Target shares sank 7% Wednesday morning after the retail giant lowered its full-year sales projection following mixed first-quarter results.

The retailer expects annual adjusted earnings between $7.00 and $9.00 per share, compared to its prior forecast of $8.80 to $9.80. Analysts were expecting $8.40. Several U.S. companies have either withdrawn, cut or withheld forecasts, citing the Trump administration's on-and-off tariff strategy that has roiled global markets.

Minneapolis-based retailer put its chief operating officer, Michael Fiddelke, in charge of a new unit that will find ways to change faster and add efficiencies.