Exhibit 99 FOR IMMEDIATE RELEASE Contacts: John Hulbert, Investors, (612) 761-6627 Jennifer Kron, Media, (612) 696-3400 Target Corporation Reports Third Quarter Earnings • Third quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance. ◦ Guest traffic grew 2.4 percent over the prior year. ◦ Digital comparable sales grew 10.8 percent reflecting nearly 20 percent growth in same-day delivery powered by Target Circle 360 TM and double digit growth in Drive Up. ◦ Beauty comparable sales grew more than 6 percent. Food & Beverage and Essentials categories grew low-single digits compared to the prior year. • Third quarter gross margin rate was down 0.2 percentage points to the prior year. Year-to-date, gross margin rate has expanded by a full percentage point compared to last year. • Third quarter GAAP and Adjusted EPS of $1.85 was down 11.9 percent compared with last year. For additional media materials, please visit: https://corporate.target.com/news-features/article/2024/11/q3-2024-earnings MINNEAPOLIS (November 20, 2024) – Target Corporation (NYSE: TGT) today announced its third quarter 2024 financial results, reflecting comparable sales growth driven entirely by traffic and strength in the digital channel. The Company reported third quarter GAAP and Adjusted earnings per share 1 (EPS) of $1.85, compared with $2.10 in 2023. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS. – more – 1 Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items, when applicable. See the tables of this release for additional information. Target Corporation Reports Third Quarter Earnings — Page 2 of 11 “I’m proud of our team’s efforts to navigate through a volatile operating environment during the third quarter. We saw several strengths across the business, including a 2.4 percent increase in traffic, nearly 11 percent growth in the digital channel, and continued growth in beauty and frequency categories. At the same time, we encountered some unique challenges and cost pressures that impacted our bottom-line performance ,” said Brian Cornell, chair and chief executive officer of Target Corporation. “Looking ahead, our team is energized and ready to deliver the unique combination of newness and value that holiday shoppers can only find at Target, and we remain confident in the underlying strength and fundamentals of our business, and our ability to deliver on our longer-term financial goals.” Guidance For the fourth quarter, the Company expects approximately flat comparable sales and GAAP and Adjusted EPS of $1.85 to $2.45, translating to a full year expected GAAP and Adjusted EPS range of $8.30 to $8.90. Operating Results Comparable sales increased 0.3 percent in the third quarter, reflecting a comparable store sales decline of 1.9 percent and a comparable digital sales increase of 10.8 percent. Total revenue of $25.7 billion in the third quarter was 1.1 percent higher than last year, reflecting a total sales increase of 0.9 percent and an 11.5 percent increase in other revenue. Third quarter operating income of $1.2 billion was 11.2 percent lower than last year. – more – Target Corporation Reports Third Quarter Earnings — Page 3 of 11 Third quarter operating income margin rate was 4.6 percent in 2024, compared with 5.2 percent in 2023. Third quarter gross margin rate was 27.2 percent, compared with 27.4 percent in 2023, reflecting higher digital fulfillment and supply chain costs due to the cost of managing higher inventory levels, increased digital sales volume, and new supply chain facilities coming online, partially offset by lower book to physical inventory adjustments and the net impact of merchandising activities as compared to the prior year. Third quarter SG&A expense rate was 21.4 percent in 2024, compared with 20.9 percent in 2023, reflecting the combined impact of higher costs, including higher team member pay and benefits and higher general liability expenses, partially offset by disciplined cost management. Interest Expense and Taxes The Company’s third quarter 2024 net interest expense was $105 million, compared with $107 million last year. Third quarter 2024 effective income tax rate was 21.7 percent, compared with the prior year rate of 21.3 percent, reflecting lower discrete benefits in the current year. Capital Deployment and Return on Invested Capital The Company paid dividends of $516 million in the third quarter, compared with $507 million last year, reflecting a 1.8 percent increase in the dividend per share. The Company repurchased $354 million of its shares in the third quarter, retiring 2.4 million shares of common stock at an average price of $147.43. As of the end of the quarter, the Company had approximately $9.2 billion of remaining capacity under the repurchase program approved by Target’s Board of Directors in August 2021. – more – Target Corporation Reports Third Quarter Earnings — Page 4 of 11 For the trailing twelve months through third quarter 2024, after-tax return on invested capital (ROIC) was 15.9 percent, compared with 13.9 percent for the trailing twelve months through third quarter 2023. The increase in ROIC reflects higher operating income, partially offset by higher average invested capital. The tables in this release provide additional information about the Company’s ROIC calculation. Webcast Details Target will webcast its third quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Corporate.Target.com/Investors (click on "Q3 2024 Target Corporation Earnings Conference Call" under "Events & Presentations"). A replay of the webcast will be provided when available. The replay number is 1-800-513-1169. Miscellaneous Statements in this release regarding the Company’s future financial performance, including its fiscal 2024 fourth quarter and full-year guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company’s 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 February 3, 2024. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement. About Target Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website (corporate.target.com) and press center. # # # Target Corporation Reports Third Quarter Earnings — Page 5 of 11 TARGET CORPORATION Consolidated Statements of Operations Three Months Ended Nine Months Ended (millions, except per share data) (unaudited) November 2, 2024 October 28, 2023 Change November 2, 2024 October 28, 2023 Change Sales $ 25,228 $ 25,004 0.9 % $ 74,392 $ 74,336 0.1 % Other revenue 440 394 11.5 1,259 1,157 8.8 Total revenue 25,668 25,398 1.1 75,651 75,493 0.2 Cost of sales 18,375 18,149 1.2 53,623 54,333 (1.3) Selling, general and administrative expenses 5,486 5,316 3.2 16,046 15,525 3.4 Depreciation and amortization (exclusive of depreciation included in cost of sales) 639 616 3.6 1,883 1,793 5.0 Operating income 1,168 1,317 (11.2) 4,099 3,842 6.7 Net interest expense 105 107 (1.5) 321 395 (18.7) Net other income (28) (25) 11.0 (77) (64) 19.0 Earnings before income taxes 1,091 1,235 (11.6) 3,855 3,511 9.8 Provision for income taxes 237 264 (9.9) 867 755 14.9 Net earnings $ 854 $ 971 (12.1) % $ 2,988 $ 2,756 8.4 % Basic earnings per share $ 1.86 $ 2.10 (11.8) % $ 6.47 $ 5.97 8.3 % Diluted earnings per share $ 1.85 $ 2.10 (11.9) % $ 6.45 $ 5.96 8.3 % Weighted average common shares outstanding Basic 460.1 461.6 (0.3) % 461.6 461.4 0.1 % Diluted 461.5 462.6 (0.2) % 462.9 462.7 0.1 % Antidilutive shares 0.5 3.0 0.5 2.6 Dividends declared per share $ 1.12 $ 1.10 1.8 % $ 3.34 $ 3.28 1.8 % Target Corporation Reports Third Quarter Earnings — Page 6 of 11 TARGET CORPORATION Consolidated Statements of Financial Position (millions, except footnotes) (unaudited) November 2, 2024 February 3, 2024 October 28, 2023 Assets Cash and cash equivalents $ 3,433 $ 3,805 $ 1,910 Inventory 15,165 11,886 14,731 Other current assets 1,956 1,807 1,958 Total current assets 20,554 17,498 18,599 Property and equipment Land 6,666 6,547 6,520 Buildings and improvements 38,666 37,066 36,627 Fixtures and equipment 8,840 8,765 8,490 Computer hardware and software 3,549 3,428 3,312 Construction-in-progress 758 1,703 2,000 Accumulated depreciation (25,548) (24,413) (23,781) Property and equipment, net 32,931 33,096 33,168 Operating lease assets 3,513 3,362 3,086 Other noncurrent assets 1,533 1,400 1,376 Total assets $ 58,531 $ 55,356 $ 56,229 Liabilities and shareholders’ investment Accounts payable $ 14,419 $ 12,098 $ 14,291 Accrued and other current liabilities 5,738 6,090 6,099 Current portion of long-term debt and other borrowings 1,635 1,116 1,112 Total current liabilities 21,792 19,304 21,502 Long-term debt and other borrowings 14,346 14,922 14,883 Noncurrent operating lease liabilities 3,418 3,279 3,031 Deferred income taxes 2,419 2,480 2,447 Other noncurrent liabilities 2,067 1,939 1,852 Total noncurrent liabilities 22,250 22,620 22,213 Shareholders’ investment Common stock 38 38 38 Additional paid-in capital 6,916 6,761 6,681 Retained earnings 8,009 7,093 6,225 Accumulated other comprehensive loss (474) (460) (430) Total shareholders’ investment 14,489 13,432 12,514 Total liabilities and shareholders’ investment $ 58,531 $ 55,356 $ 56,229 Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 459,244,995, 461,675,441, and 461,651,176 shares issued and outstanding as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively. Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented. Target Corporation Reports Third Quarter Earnings — Page 7 of 11 TARGET CORPORATION Consolidated Statements of Cash Flows Nine Months Ended (millions) (unaudited) November 2, 2024 October 28, 2023 Operating activities Net earnings $ 2,988 $ 2,756 Adjustments to reconcile net earnings to cash provided by operating activities: Depreciation and amortization 2,215 2,072 Share-based compensation expense 229 176 Deferred income taxes (58) 252 Noncash (gains) / losses and other, net (1) 101 Changes in operating accounts: Inventory (3,279) (1,232) Other assets (265) (208) Accounts payable 2,362 887 Accrued and other liabilities (113) 528 Cash provided by operating activities 4,078 5,332 Investing activities Expenditures for property and equipment (1,968) (3,952) Proceeds from disposal of property and equipment 2 24 Other investments 24 18 Cash required for investing activities (1,942) (3,910) Financing activities Additions to long-term debt 741 — Reductions of long-term debt (1,112) (114) Dividends paid (1,533) (1,503) Repurchase of stock (506) — Shares withheld for taxes on share-based compensation (98) (124) Cash required for financing activities (2,508) (1,741) Net decrease in cash and cash equivalents (372) (319) Cash and cash equivalents at beginning of period 3,805 2,229 Cash and cash equivalents at end of period $ 3,433 $ 1,910 Target Corporation Reports Third Quarter Earnings — Page 8 of 11 TARGET CORPORATION Operating Results Rate Analysis Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Gross margin rate 27.2 % 27.4 % 27.9 % 26.9 % SG&A expense rate 21.4 20.9 21.2 20.6 Depreciation and amortization expense rate (exclusive of depreciation included in cost of sales) 2.5 2.4 2.5 2.4 Operating income margin rate 4.6 5.2 5.4 5.1 Note: Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue. Other revenue includes $148 million and $433 million of profit-sharing income under our credit card program agreement for the three and nine months ended November 2, 2024, respectively, and $165 million and $508 million for the three and nine months ended October 28, 2023, respectively. Comparable Sales Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Comparable sales change 0.3 % (4.9) % (0.5) % (3.5) % Drivers of change in comparable sales Number of transactions (traffic) 2.4 (4.1) 1.1 (2.7) Average transaction amount (2.0) (0.8) (1.6) (0.8) Comparable Sales by Channel Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Stores originated comparable sales change (1.9) % (4.6) % (2.0) % (2.8) % Digitally originated comparable sales change 10.8 (6.0) 6.9 (6.7) Sales by Channel Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Stores originated 81.5 % 83.2 % 81.8 % 82.9 % Digitally originated 18.5 16.8 18.2 17.1 Total 100 % 100 % 100 % 100 % Sales by Fulfillment Channel Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Stores 97.7 % 97.7 % 97.8 % 97.5 % Other 2.3 2.3 2.2 2.5 Total 100 % 100 % 100 % 100 % Note: Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Shipt. Target Circle Card Penetration Three Months Ended Nine Months Ended (unaudited) November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Total Target Circle Card Penetration 17.7 % 18.3 % 17.8 % 18.6 % Target Corporation Reports Third Quarter Earnings — Page 9 of 11 Number of Stores and Retail Square Feet Number of Stores Retail Square Feet (a) (unaudited) November 2, 2024 February 3, 2024 October 28, 2023 November 2, 2024 February 3, 2024 October 28, 2023 170,000 or more sq. ft. 273 273 273 48,824 48,824 48,824 50,000 to 169,999 sq. ft. 1,559 1,542 1,542 195,050 192,908 192,877 49,999 or less sq. ft. 146 141 141 4,404 4,207 4,207 Total 1,978 1,956 1,956 248,278 245,939 245,908 (a) In thousands; reflects total square feet less office, supply chain facilities, and vacant space. Target Corporation Reports Third Quarter Earnings — Page 10 of 11 TARGET CORPORATION Reconciliation of Non-GAAP Financial Measures To provide additional transparency, we disclose non-GAAP adjusted diluted earnings per share (Adjusted EPS). When applicable, this metric excludes certain discretely managed items. However, there are no adjustments in any period presented. We believe this information is useful in providing period-to-period comparisons of the results of our operations. This measure is not in accordance with, or an alternative to, U.S. GAAP. The most comparable GAAP measure is diluted earnings per share. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies. Reconciliation of Non-GAAP Adjusted EPS Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 Change November 2, 2024 October 28, 2023 Change GAAP and adjusted diluted earnings per share $ 1.85 $ 2.10 (11.9) % $ 6.45 $ 5.96 8.3 % Reconciliation of Non-GAAP Adjusted EPS Guidance Guidance (per share) (unaudited) Q4 2024 Full Year 2024 GAAP diluted earnings per share guidance $1.85 - $2.45 $8.30 - $8.90 Estimated adjustments Other (a) $ — $ — Adjusted diluted earnings per share guidance $1.85 - $2.45 $8.30 - $8.90 (a) Fourth quarter and full-year 2024 GAAP EPS may include the impact of certain discrete items, which will be excluded in calculating Adjusted EPS. The guidance does not currently reflect any such discrete items. In the past, these items have included losses on the early retirement of debt and certain other items that are discretely managed. Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies. EBIT and EBITDA Three Months Ended Nine Months Ended (dollars in millions) (unaudited) November 2, 2024 October 28, 2023 Change November 2, 2024 October 28, 2023 Change Net earnings $ 854 $ 971 (12.1) % $ 2,988 $ 2,756 8.4 % + Provision for income taxes 237 264 (9.9) 867 755 14.9 + Net interest expense 105 107 (1.5) 321 395 (18.7) EBIT $ 1,196 $ 1,342 (10.8) % $ 4,176 $ 3,906 6.9 % + Total depreciation and amortization (a) 754 722 4.2 2,215 2,072 6.8 EBITDA $ 1,950 $ 2,064 (5.5) % $ 6,391 $ 5,978 6.9 % (a) Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales. Target Corporation Reports Third Quarter Earnings — Page 11 of 11 We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies. After-Tax Return on Invested Capital (dollars in millions) (unaudited) Trailing Twelve Months Numerator November 2, 2024 (a) October 28, 2023 Operating income $ 5,964 $ 5,001 + Net other income 105 79 EBIT 6,069 5,080 + Operating lease interest (b) 157 106 - Income taxes (c) 1,403 1,050 Net operating profit after taxes $ 4,823 $ 4,136 Denominator November 2, 2024 October 28, 2023 October 29, 2022 Current portion of long-term debt and other borrowings $ 1,635 $ 1,112 $ 2,207 + Noncurrent portion of long-term debt 14,346 14,883 14,237 + Shareholders' investment 14,489 12,514 11,019 + Operating lease liabilities (d) 3,765 3,351 2,879 - Cash and cash equivalents 3,433 1,910 954 Invested capital $ 30,802 $ 29,950 $ 29,388 Average invested capital (e) $ 30,376 $ 29,670 After-tax return on invested capital 15.9 % 13.9 % (a) The trailing twelve months ended November 2, 2024, consisted of 53 weeks compared with 52 weeks in the prior-year period. (b) Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within Operating Income. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors. (c) Calculated using the effective tax rates, which were 22.5 percent and 20.3 percent for the trailing twelve months ended November 2, 2024, and October 28, 2023, respectively. For the twelve months ended November 2, 2024, and October 28, 2023, includes tax effect of $1.4 billion and $1.0 billion, respectively, related to EBIT, and $35 million and $22 million, respectively, related to operating lease interest. (d) Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively. (e) Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

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other guidance in this release

Text is the filed exhibit, verbatim.