EX-12.1 3 dex121.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Kohl's Corporation Ratio of Earnings to Fixed Charges ($000s)
6 Months (26 Weeks) Ended ------------------------- August 4, July 29, Fiscal Year (1) ---------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 ---- ---- ---- ---- ---- ---- ---- Earnings -------- Income before income taxes and extraordinary items $261,528 $190,399 $605,114 $421,112 $316,749 $235,063 $171,368 Fixed charges (2) 69,044 55,312 116,753 82,835 63,135 57,446 42,806 Less interest capitalized during period (2,914) (1,914) (3,478) (4,405) (1,878) (2,043) (2,829) -------- -------- -------- -------- -------- -------- -------- $327,658 $243,797 $718,389 $499,542 $378,006 $290,466 $211,345 ======== ======== ======== ======== ======== ======== ======== Fixed Charges ------------- Interest (expensed or capitalized) (2) $ 30,734 $ 24,717 $ 52,305 $ 33,813 $ 24,550 $ 26,304 $ 20,574 Interest EXPENSE per FS 27,559 18,705 48,827 29,217 22,672 24,261 17,745 Finance program interest costs (FN # 2) 261 4,098 191 0 0 0 Capitalized Interest 2,914 1,914 3,478 4,405 1,878 2,043 2,829 Portion of rent expense representative of interest 37,924 30,414 63,943 48,769 38,385 30,798 22,031 Rental Expense "per F/S F/N" 85,958 68,878 145,617 111,863 89,508 72,286 52,848 Percentage rent 1,682 1,291 3,521 3,487 4,209 3,847 3,891 -------- -------- -------- -------- -------- -------- -------- Rental Expense 84,276 67,587 142,096 108,376 85,299 68,439 48,957 % Rental expense deemed interest 45% 45% 45% 45% 45% 45% 45% Amortization of deferred financing fees 386 181 505 253 200 344 201 -------- -------- -------- -------- -------- -------- -------- $ 69,044 $ 55,312 $116,753 $ 82,835 $ 63,135 $ 57,446 $ 42,806 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 4.75 4.41 6.15 6.03 5.99 5.06 4.94 ======== ======== ======== ======== ======== ======== ========
(1) Fiscal 1999, 1998, 1997 and 1996 were 52 week years and fiscal 2000 was a 53 week year. (2) Interest expense for fiscal 1997 and 1996 has been restated to properly reflect interest expense included on the Consolidated Statements of Income.