Target posts earnings of $1.10 a share vs. $1.03 expected

Target delivered quarterly earnings and revenue that topped analysts' expectations on Wednesday.

Target shares turned lower in premarket trading following the announcement. (Get the latest quote here.)

The retailer posted first-quarter earnings of $1.10 per share, up from 70 cents a share in the year-earlier period. Revenue rose to $17.12 billion.

Analysts expected Target to post earnings of $1.03 per share on $17.08 billion in revenue, according to a consensus estimate from Thomson Reuters.

Target also boosted its guidance for full-year earnings per share to $4.50 to $4.65, from its prior forecast of $4.45 to $4.65. The retailer expects second-quarter earnings of $1.04 to $1.14 a share.

A Target store is seen in Miami.
Getty Images
A Target store is seen in Miami.

Target has started to trim its business this year as part of a $2 billion cost-savings plan. In March, the retailer outlined plans to lay off 1,700 workers and close out another 1,400 open positions.

The company last month closed the last of its 133 Canadian stores.

Amid the cost cuts, Target reportedly raised its minimum wage to $9 an hour for all workers starting last month. The move came amid pressure from interest groups and similar pay hikes from other larger American retailers.

Read MoreTarget hiking minimum wage to $9/hour in April: Report

The federal minimum wage is currently $7.25 an hour.

CNBC's Terri Cullen contributed to this report.