EX-12.1 2 c86737exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands, except ratios)
                 
    Thirty-Six Weeks Ended  
    May 9,     May 3,  
    2009     2008  
Earnings
               
Income before income taxes
  $ 663,912     $ 625,315  
Fixed charges
    136,702       119,816  
Less: Capitalized interest
    (732 )     (943 )
 
           
Adjusted earnings
  $ 799,882     $ 744,188  
 
           
 
               
Fixed charges
               
Gross interest expense
  $ 96,424     $ 84,519  
Amortization of debt expense
    1,861       1,223  
Interest portion of rent expense
    38,417       34,074  
 
           
Total fixed charges
  $ 136,702     $ 119,816  
 
           
 
               
Ratio of earnings to fixed charges
    5.9       6.2  
 
           
                                         
    Fiscal Year Ended August  
    2008     2007     2006     2005     2004  
    (53 weeks)     (52 weeks)     (52 weeks)     (52 weeks)     (52 weeks)  
Earnings
                                       
Income before income taxes
  $ 1,007,389     $ 936,150     $ 902,036     $ 873,221     $ 905,902  
Fixed charges
    173,311       170,852       156,976       144,930       130,278  
Less: Capitalized interest
    (1,313 )     (1,376 )     (1,985 )     (1,079 )     (813 )
 
                             
Adjusted earnings
  $ 1,179,387     $ 1,105,626     $ 1,057,027     $ 1,017,072     $ 1,035,367  
 
                             
 
                                       
Fixed charges
                                       
Gross interest expense
  $ 120,006     $ 121,592     $ 110,568     $ 102,341     $ 89,600  
Amortization of debt expense
    1,837       1,719       1,559       2,343       4,230  
Interest portion of rent expense
    51,468       47,541       44,849       40,246       36,448  
 
                             
Total fixed charges
  $ 173,311     $ 170,852     $ 156,976     $ 144,930     $ 130,278  
 
                             
 
                                       
Ratio of earnings to fixed charges
    6.8       6.5       6.7       7.0       7.9