UPDATE 3-Target cautious after weak holiday quarter, shares fall
* Fourth-quarter profit $1.47/shr vs Street view $1.48
* Sees 2 percent sales growth for 2013
* Shares down 1 percent after steeper decline
By Jessica Wohl
Feb 27 (Reuters) - Target Corp on Wednesday offered a cautious outlook for consumer spending in 2013 following a weak holiday quarter and said it was on track with its massive Canadian store opening plans this year.
The discount retailer's fourth-quarter profit fell short of Wall Street expectations as the number of purchases dropped 1 percent, the first such decline in 14 quarters.
Its shares fell nearly 1 percent at $63.46 after dropping as much as 3.7 percent.
"The U.S. economy is growing at a painfully slow rate," Chief Executive Gregg Steinhafel said on a conference call.
"We have a tempered view of the near-term sales environment," he said, adding that shoppers, or "guests" as Target calls them, are "quite resilient." Continued...