Exhibit 12

Limited Brands, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Fiscal Year Ended
	January 29, 2011			January 30, 2010			January 31, 2009		February 2, 2008			February 3, 2007
	(in millions)
Earnings:
Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle	$	1,251		$	650		$	449	$	1,107		$	1,096
Fixed charges (excluding capitalized interest)		329			357			297		268			230
Distributions from equity method investments, net of income or loss from equity investees		(3	)		(5	)		102		(3	)		6
Total earnings	$	1,577		$	1,002		$	848	$	1,372		$	1,332
Fixed charges:
Portion of minimum rent representative of interest	$	118		$	118		$	115	$	117		$	128
Interest on indebtedness (including capitalized interest)		208			238			184		156			106
Total fixed charges	$	326		$	356		$	299	$	273		$	234
Ratio of earnings to fixed charges		4.8			2.8			2.8		5.0			5.7

For the purpose of calculating the ratios of earnings to fixed charges, we calculate earnings by adding fixed charges and distributions from equity method investees, net of income or losses from equity method investees, to pre-tax income from continuing operations before noncontrolling interests in consolidated subsidiaries and cumulative effect of changes in accounting principle. Fixed charges include total interest and a portion of rent expense, which we believe is representative of the interest factor of our rent expense. Interest associated with income tax liabilities is excluded from our calculation.