<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>dex121.txt
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<PAGE>
Exhibit 12.1
Charming Shoppes, Inc
Computation of Earnings to Fixed Charges
(Unaudited)
<TABLE>
<CAPTION>
Three Months
Fiscal Year Ended Ended Pro Forma Ratio (4)
-------------------------------------------------------------------------------------------------------------
1998 1999 2000(1) 2001 2002 May 5, May 4, Fiscal Year Ended Three Months Ended
2001 2002 2002 May 4, 2002
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Earnings:
Pre-tax income
(loss)from
continuing
operations $ 29,422 $(30,989) $ 71,911 $ 84,652 $ (4,526) $ 13,673 $ 26,294 $ 4,810 $ 29,310
Fixed charges 34,405 34,069 33,239 44,241 66,364 11,372 21,907 57,028 18,891
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Total earnings
available for
fixed charges (a) $ 63,827 $ 3,080 $ 105,150 $128,893 $ 61,838 $ 25,045 $ 48,201 $ 61,838 $ 48,201
================================
Non-recurring and
restructuring
items (2) (13,018) 54,246 (10,171) - 37,708 - -
------------------------------------------------------------------------
Adjusted earnings (b) 50,809 57,326 94,979 128,893 99,546 25,045 48,201
========================================================================
Fixed Charges:
Interest expense $ 10,390 $ 10,052 $ 7,308 $ 8,894 $ 18,701 $ 2,385 $ 6,802 $ 9,365 $ 3,786
Interest component
of operating
leases 24,015 24,017 25,931 35,347 47,663 8,987 15,105 47,663 15,105
-------------------------------------------------------------------------------------------------------------
Total fixed
charges (c) 34,405 34,069 33,239 44,241 66,364 11,372 21,907 57,028 18,891
-------------------------------------------------------------------------------------------------------------
Ratio of
earnings to
fixed charges
(a)/(c) 1.86x 0.09x(3) 3.16x 2.91x 0.93x(3) 2.20x 2.20x 1.08x 2.55x
=============================================================================================================
Adjusted ratio
of earnings
to fixed charges
(b)/(c) 1.48x 1.68x 2.86x 2.91x 1.50x 2.20x 2.20x
======================================================================
</TABLE>
(1) During the quarter ended August 3, 2002, the
Company adopted FAS 145, "Recission of FAS
Statements No. 4, 44, and 64, Amendment of FAS 13,
and Technical Corrections," which requires that
prior-period financial statements be reclassified
consistent with the new rules. During the year
ended January 29, 2000, the Company had reported a
$1.2 million after-tax gain on the early
retirement of debt as an extraordinary item in
accordance with the accounting rules in effect at
that time. This gain on the retirement of debt
does not qualify as an extraordinary item under
the new rules; accordingly, it has been
reclassified to income before the cumulative
effect of an accounting change for the year ended
January 29, 2000.
(2) For purposes of this adjusted ratio of earnings to
fixed charges, earnings represent income (loss)
before cumulative effect of accounting change,
restructuring charge (credit), non-recurring gain
from demutualization from insurance company, fixed
charges and income taxes, and fixed charges
represent gross interest expense, including
capitalized interest, and a share of rental
expense, which is deemed to be representative of
the interest factor.
(3) The Company would have had to generate additional
earnings of $4,526,000 in the fiscal year ended
February 2, 2002 and $30,989,000 in the fiscal
year ended January 30, 1999 to achieve a ratio of
earnings to fixed charges of 1:1.
(4) All proceeds from the offering of the notes to be
registered will be received by the selling
noteholders. The net proceeds received by the
Company from the sale of notes to the initial
purchasers were used to retire $67.5 million of
term notes, redeem $6.9 million of convertible
notes called for redemption, paydown $3.5 million
of revolving credit debt, purchase $18.3 million
of treasury stock, and the balance of $49.3
million was invested in short-term securities. In
connection with the sale of notes to the initial
purchasers, the Company called for redemption all
its $96.0 million of 7.5% convertible debentures
due 2006. $89.1 million of those notes were
converted to common stock. The pro forma ratio of
earnings to fixed charges adjusts the historical
ratio for the elimination of all interest expense
associated with the Company's 7.5% convertible
notes that were either converted or redeemed, the
elimination of interest expense associated with
the term-debt and revolving credit borrowings
which were paid and the addition of interest
expense related to $77.8 million of the 4.75%
Senior Convertible Notes, which were used to
redeem the 7.5% convertible notes and pay the term
debt and revolving credit borrowings. Borrowings
used to pay the term debt were assumed to be
outstanding from August 16, 2001, when the term
debt was issued. The pro forma adjustments do not
include any assumed earnings on the amount of
proceeds ($49.3 million) invested in short-term
investments. The pro forma ratio of earnings to
fixed charges is not necessarily indicative of
what the future ratio of earnings to fixed charges
will be.
</TEXT>
</DOCUMENT>