Exhibit 12

COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES
SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES

			Twelve
			Months
			Ended		Year Ended
			12/28/02
(millions, except ratios)			(unaudited)		2001		2000		1999			1998		1997
Fixed Charges
	Interest and amortization of debt discount and expense on all indebtedness		$	1,143	$	1,415	$	1,248	$	1,268		$	1,423	$	1,409
	Add interest element implicit in rentals			157		161		136		133			144		147
				1,300		1,576		1,384		1,401			1,567		1,556
Interest capitalized				4		11		4		5			5		3
Total fixed charges			$	1,304	$	1,587	$	1,388	$	1,406		$	1,572	$	1,559
Income
	Income (loss) before income taxes, minority interest, and extraordinary loss		$	2,453	$	1,223	$	2,223	$	2,419		$	1,883	$	2,138
	Deduct undistributed net income (loss) of unconsolidated companies			20		12		17		(5	)		11		13
				2,433		1,211		2,206		2,424			1,872		2,125
Add
	Fixed charges (excluding interest capitalized)			1,300		1,576		1,384		1,401			1,567		1,556
		Income before fixed charges and income taxes	$	3,733	$	2,787	$	3,590	$	3,825		$	3,439	$	3,681
Ratio of income to fixed charges				2.86		1.76		2.59		2.72			2.19		2.36