EXHIBIT 12(a)
 
 

COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES

SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES

 
 

	Twelve Months Ended Jul 1, 2000	Six Months Ended Jul 1, 2000	Year Ended
(millions, except ratios)	(unaudited)	(unaudited)	1999		1998		1997	1996		1995
Fixed Charges
Interest and amortization of debt discount and expense on all indebtedness	$1,248	$ 626		$1,268		$1,423	$1,409		$1,365		$1,373
Add interest element implicit in rentals	132	71		133		144	147		121		119
	1,380	697		1,401		1,567	1,556		1,486		1,492
Interest Capitalized	4	2		5		5	3		5		4
Total fixed charges	$1,384	$ 699		$1,406		$1,572	$1,559		$1,491		$1,496
Income
Income from continuing operations	$1,599	$ 623		$1,453		$1,072	$1,188		$1,271		$1,025
Deduct undistributed net income of unconsolidated companies	(3)	5		(5)		11	13		8		9
	1,602	618		1,458		1,061	1,175		1,263		1,016
Add
Fixed charges (excluding interest capitalized)	1,380	697		1,401		1,567	1,556		1,486		1,492
Income taxes	975	372		904		766	912		834		703
Income before fixed charges and income taxes	$3,957	$1,687		$3,763		$3,394	$3,643		$3,583		$3,211
Ratio of income to fixed charges	2.86	2.41		2.68		2.16	2.34		2.40		2.15