Exhibit 12

TARGET CORPORATION

Computations of Ratios of Earnings to Fixed Charges and

Ratios of Earnings to Fixed Charges and Preferred Stock Dividends for the

Nine Months Ended October 30, 2004 and November 1, 2003

and for the Five Years Ended January 31, 2004

(Millions of Dollars)

	Nine Months Ended						Fiscal Year Ended
	Oct. 30, 2004			Nov. 1, 2003			Jan. 31, 2004			Feb. 1, 2003			Feb. 2, 2002			Feb. 3, 2001			Jan. 29, 2000
Ratio of Earnings to Fixed Charges:
Earnings:
Net earnings	$	2,391		$	1,009		$	1,841		$	1,654		$	1,368		$	1,264		$	1,144
Earnings from discontinued operations, net of tax	75			89			190			247			272			319			320
Gain on disposal of discontinued operations, net of tax	1,222			—			—			—			—			—			—
Provision for income taxes	665			559			1,003			870			672			590			522
Earnings from continuing operations before income tax	1,759			1,479			2,654			2,277			1,768			1,535			1,346
Fixed charges:
Interest expense	479			437			569			609			517			464			477
Interest portion of rental expense	55			37			68			48			50			63			55
Total fixed charges	534			474			637			657			567			527			532
Less:
Capitalized interest	(7		)	(7		)	(8		)	(13		)	(33		)	(31		)	(16		)
Fixed charges in earnings	527			467			629			644			534			496			516
Earnings available for fixed charges	$	2,285		$	1,947		$	3,283		$	2,921		$	2,302		$	2,031		$	1,862
Ratio of earnings to fixed charges	4.28			4.11			5.15			4.45			4.06			3.85			3.50
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Total fixed charges, as above	$	534		$	474		$	637		$	657		$	567		$	527		$	532
Dividends on preferred stock (pre-tax basis)	—			—			—			—			—			—			29
Total fixed charges and preferred stock dividends	534			474			637			657			567			527			561
Earnings available for fixed charges and preferred stock dividends	$	2,285		$	1,947		$	3,283		$	2,921		$	2,302		$	2,031		$	1,862
Ratio of earnings to fixed charges and preferred stock dividends	4.28			4.11			5.15			4.45			4.06			3.85			3.32

Note: Computation is based on continuing operations.