Exhibit 12

COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES

SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES

			Six
			Months		Year Ended
			Ended
			6/28/03
(millions, except ratios)			(unaudited)		2002		2001		2000		1999			1998
Fixed Charges
	Interest and amortization of debt discount and expense on all indebtedness		$	566	$	1,143	$	1,415	$	1,248	$	1,268		$	1,423
	Add interest element implicit in rentals		$	76		157		161		136		133			144
			$	642		1,300		1,576		1,384		1,401			1,567
Interest capitalized			$	1		4		11		4		5			5
Total fixed charges			$	643	$	1,303	$	1,587	$	1,388	$	1,406		$	1,572
Income
	Income (loss) before income taxes, minority interest, and extraordinary loss		$	812	$	2,453	$	1,223	$	2,223	$	2,419		$	1,883
	Deduct undistributed net income (loss) of unconsolidated companies		$	4		20		12		17		(5	)		11
			$	808		2,433		1,211		2,206		2,424			1,872
Add
	Fixed charges (excluding interest capitalized)		$	643		1,300		1,576		1,384		1,401			1,567
		Income before fixed charges and income taxes	$	1,451	$	3,733	$	2,787	$	3,590	$	3,825		$	3,439
Ratio of income to fixed charges				2.26		2.86		1.76		2.59		2.72			2.19