EXHIBIT (12)

                           DAYTON HUDSON CORPORATION
               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                   FOR THE FIVE YEARS ENDED JANUARY 29, 1994

                             (MILLIONS OF DOLLARS)




 
 
                                          January 29,   January 30,   February 1,   February 2,   February 3,
                                             1994          1993          1992          1991          1990
                                         ------------  ------------  ------------  ------------  ------------
                                                                                  
Earnings:
  Consolidated net earnings............       $  375        $  383         $ 301        $  412         $ 410
  Income taxes.........................          232           228           171           249           268
                                              ------        ------         -----        ------         -----
     Total earnings....................          607           611           472           661           678
                                              ------        ------         -----        ------         -----
 
Fixed charges:
  Interest expense.....................          459           454           421           333           283
  Dividends on preferred stock (pre-tax
     basis)............................           39            39            39            39             2
  Interest portion of rental expense...           45            43            39            46            45
                                              ------        ------         -----        ------         -----
     Total fixed charges...............          543           536           499           418           330
 
Less:
  Dividends on preferred stock (pre-tax
     basis)............................          (39)          (39)          (39)          (39)           (2)
  Capitalized interest.................           (5)           (6)          (11)           (8)          (10)
                                              ------        ------         -----        ------         -----
 
     Fixed charges in earnings.........          499           491           449           371           318
                                              ------        ------         -----        ------         -----
 
Earnings available for fixed charges...       $1,106        $1,102         $ 921        $1,032         $ 996
                                              ======        ======         =====        ======         =====
 
Ratio of earnings to fixed charges.....         2.04          2.06          1.85          2.47          3.02
                                              ======        ======         =====        ======         =====