TARGET CORP, 10-Q, EX-12, 2000-06-09

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

Three Months Ended April 29, 2000 and May 1, 1999

and for the Five Years Ended January 29, 2000

(Millions of Dollars)

		Three Months Ended						Fiscal Year Ended
		April 29, 2000			May 1, 1999			Jan. 29, 2000			Jan. 30, 1999			Jan. 31, 1998			Feb. 1, 1997			Feb. 3, 1996
Ratio of Earnings to Fixed Charges:
Earnings:
Consolidated net earnings before extraordinary charges		$	239		$	194		$	1,185		$	962		$	802		$	474		$	311
Income taxes			150			123			751			594			524			309			190

	Total earnings before extraordinary charges		389			317			1,936			1,556			1,326			783			501

Fixed charges:
Interest expense			103			98			415			421			437			464			461
Interest portion of rental expense			17			16			69			63			59			59			59

	Total fixed charges		120			114			484			484			496			523			520

Less:
Capitalized interest			(5	)		(4	)		(16	)		(16	)		(16	)		(16	)		(14	)

	Fixed charges in earnings		115			110			468			468			480			507			506

Earnings available for fixed charges		$	504		$	427		$	2,404		$	2,024		$	1,806		$	1,290		$	1,007

Ratio of earnings before extraordinary charges to fixed charges			4.19			3.74			4.96			4.18			3.65			2.46			1.94

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Total fixed charges, as above		$	120		$	114		$	484		$	484		$	496		$	523		$	520
Dividends on preferred stock (pre-tax basis)			—			8			29			32			35			37			37

	Total fixed charges and preferred stock dividends		120			122			513			516			531			560			557

Earnings available for fixed charges and preferred stock dividends		$	504		$	427		$	2,404		$	2,024		$	1,806		$	1,290		$	1,007

Ratio of earnings before extraordinary charges to fixed charges and preferred stock dividends			4.19			3.50			4.69			3.92			3.40			2.30			1.81