Exhibit 99

FOR IMMEDIATE RELEASE

Target Reports Third Quarter 2012 Earnings

Adjusted EPS of $0.90 Up 4.3% from Third Quarter 2011

GAAP EPS of $0.96 Includes 15-cent Gain from Pending Receivables Sale(1)

MINNEAPOLIS (November 15, 2012) — Target Corporation (NYSE: TGT) today reported third quarter net earnings of $637 million, or $0.96 per share, which includes a 15-cent gain from the pending sale of its credit-card receivables portfolio(1). Adjusted earnings per share, a measure the company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $0.90 in third quarter 2012, up 4.3 percent from $0.86 in 2011. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.

“We’re pleased with Target’s third quarter financial performance, which reflects superb execution across each of our business segments,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “We are well-positioned to deliver strong fourth quarter performance by offering compelling merchandise and unbeatable value through initiatives like the Target/Neiman Marcus Holiday Collection, 5% REDcard Rewards and our new Holiday Price Match which allow our guests to shop at Target with confidence throughout the holiday season.”

(1) Please refer to the detail provided in the reconciliation of GAAP to adjusted EPS in the tables attached to this release.

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Fiscal 2012 Earnings Guidance

For fourth quarter 2012, the company expects adjusted EPS of $1.64 to $1.74 and GAAP EPS of $1.45 to $1.55. The 19-cent difference between these ranges reflects the expected EPS impact of expenses related to the company’s Canadian market entry.

U.S. Retail Segment Results

As previously reported, sales increased 3.4 percent to $16.6 billion in third quarter 2012 from $16.1 billion last year, reflecting a 2.9 percent increase in comparable-store sales combined with the contribution from new stores.

Segment earnings before interest expense and income taxes (EBIT) were $963 million in the third quarter of 2012, an increase of 3.4 percent from $931 million in 2011. Third quarter EBITDA and EBIT margin rates were 8.9 percent and 5.8 percent, respectively, compared with 9.1 percent and 5.8 percent in 2011. Third quarter gross margin rate declined to 30.3 percent in 2012 from 30.5 percent in 2011, reflecting the impact of the company’s integrated growth strategies partially offset by underlying rate improvements within categories. Third quarter selling, general and administrative (SG&A) expense rate was 21.4 percent in 2012, unchanged from 2011.

U.S. Credit Card Segment Results(2)

Third quarter average receivables decreased 4.7 percent to $5.9 billion in 2012 from $6.2 billion in 2011. Third quarter 2012 portfolio spread to LIBOR was $138 million, or 9.3 percent, compared with $158 million, or 10.2 percent, in 2011. Performance in third quarter 2012 reflected a $20 million reduction in the allowance for doubtful accounts, compared with a $49 million reduction in third quarter 2011.

(2)The Company intends to continue reporting a U.S. Credit Card segment until the credit card receivables transaction with TD Bank closes in 2013. The segment results will continue to be reported on the same basis as historical results.

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Canadian Segment Results

Third quarter 2012 EBIT was $(96) million, due to start-up expenses, depreciation and amortization related to the company’s expected market entry in 2013. Total expenses related to investments in Target’s Canadian market entry reduced Target’s earnings per share by approximately 13 cents in third quarter 2012.(3)

Interest Expense and Taxes

Net interest expense for the quarter was $192 million, including $20 million of interest on capitalized leases related to Target’s Canadian market entry.  Net interest expense was $200 million in third quarter 2011.

The company’s effective income tax rate was 34.5 percent in third quarter 2012, including the favorable resolution of various income tax matters that benefited third quarter EPS by approximately 4 cents.

Capital Returned to Shareholders

In third quarter 2012, the company repurchased approximately 1.7 million shares of its common stock at an average price of $62.90, for a total investment of $104 million.  The company also paid dividends of $236 million during the quarter.

Year-to-date the company has repurchased approximately 21.8 million shares of its common stock at an average price of $57.53, for a total investment of $1.25 billion, and paid dividends of $635 million.

(3)This amount includes interest expense and tax expense that are not included in the segment measure of profit.  A reconciliation of non-GAAP measures is included in the tables attached to this release.

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Accounting Considerations

As a result of Target’s recently announced agreement to sell its credit card receivables portfolio to TD Bank Group, third quarter 2012 GAAP earnings per share reflect a pre-tax gain of $156 million due to a change in the accounting treatment of its receivables from “held for investment” to “held for sale”.

Miscellaneous

Target Corporation will webcast its third quarter earnings conference call at 9:30 a.m. CST today.  Investors and the media are invited to listen to the call through the company’s website at www.target.com/investors (click on “events & presentations”).  A telephone replay of the call will be available beginning at approximately 11:30 a.m. CST today through the end of business on November 16, 2012.  The replay number is (855) 859-2056 (passcode: 39813512).

Statements in this release regarding fourth quarter 2012 earnings guidance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the company’s actual results to differ materially.  The most important risks and uncertainties are described in Item 1A of the company’s Form 10-K for the fiscal year ended January 28, 2012 and Form 10-Q for the fiscal quarter ended July 28, 2012.

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In addition to the GAAP results provided in this release, the company provides adjusted diluted earnings per share for the three and nine months ended October 27, 2012 and October 29, 2011.  This measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States.  The most comparable GAAP measure is diluted earnings per share.  Management believes adjusted EPS is useful in providing period-to-period comparisons of the results of the company’s U.S. operations.  Adjusted EPS should not be considered in isolation or as a substitution for analysis of the company’s results as reported under GAAP.  Other companies may calculate adjusted EPS differently than the company does, limiting the usefulness of the measure for comparisons with other companies.

About Target

Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,782 stores across the United States and at Target.com. The company plans to open its first stores in Canada in 2013. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.

For more information, visit Target.com/Pressroom.

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TARGET CORPORATION

Consolidated Statements of Operations

TARGET CORPORATION

Consolidated Statements of Financial Position

TARGET CORPORATION

Consolidated Statements of Cash Flows

TARGET CORPORATION

U.S. Retail Segment

EBITDA is earnings before interest expense, income taxes, depreciation and amortization.

EBIT is earnings before interest expense and income taxes.

(a) Loyalty program charges were $78 million and $74 million for the three months ended October 27, 2012 and October 29, 2011, respectively, and $217 million and $189 million for the nine months ended October 27, 2012 and October 29, 2011, respectively.  In all periods, these amounts were recorded as reductions to SG&A expenses within the U.S. Retail Segment and increases to operations and marketing expenses within the U.S. Credit Card Segment.

Rate analysis metrics are computed by dividing the applicable amount by sales.

The comparable-store sales increases or decreases above are calculated by comparing sales in fiscal year periods with comparable prior-year periods of equivalent length.

Represents the percentage of Target store sales that are paid for using REDcards.

(a) In thousands; reflects total square feet, less office, distribution center and vacant space.

TARGET CORPORATION

U.S. Credit Card Segment

(a) See footnote (a) to our U.S. Retail Segment Results table for an explanation of our loyalty program charges.

(b) Amounts represent the portion of average credit card receivables, at par, funded by Target. These amounts exclude $1,500 million and $1,395 million for the three and nine months ended October 27, 2012, respectively, and $3,754 million and $3,843 million for the three and nine months ended October 29, 2011, respectively, of receivables funded by nonrecourse debt collateralized by credit card receivables.

(c) ROIC is return on invested capital, and this rate equals our segment profit divided by average credit card receivables, at par, funded by Target, expressed as an annualized rate.

(d) As an annualized percentage of average credit card receivables, at par.

Note: Annualized rates are calculated on a standalone basis.

(a) Balance-weighted one-month LIBOR.

(b) Spread to LIBOR is a metric used to analyze the performance of our total credit card portfolio because the majority of our portfolio earns finance charge revenue at rates tied to the Prime Rate, and the interest rate on all nonrecourse debt collateralized by credit card receivables is tied to LIBOR.

(c) As an annualized percentage of average credit card receivables, at par.

(a) Period-end credit card receivables, at par, less the segment allowance of $345 million, plus the gain on receivables held for sale of $156 million represents credit card receivables, held for sale as reported on the Consolidated Statements of Financial Position.

(b) Write-offs include the principal amount of losses (excluding accrued and unpaid finance charges), and recoveries include current period collections on previously written-off balances. These amounts combined represent net write-offs.

TARGET CORPORATION

Canadian Segment