Exhibit 12

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

	Three Months			For the Fiscal Year Ended
	Ended
(millions, except ratios)	4/3/04 (unaudited)			2003		2002		2001		2000
Fixed Charges
Interest and amortization of debt discount
and expense on all indebtedness	$	76		$	1,816	$	1,143	$	1,415	$	1,248
Add interest element implicit in rentals		37			167		157		161		136
		113			1,983		1,300		1,576		1,384
Interest capitalized		0			1		4		11		4
Total fixed charges	$	113		$	1,984	$	1,303	$	1,587	$	1,388
Income
Income (loss) before income taxes, minority interest and cumulative effect of change in accounting principle		($25	)	$	5,449	$	2,453	$	1,223	$	2,223
Deduct undistributed net income (loss)
of unconsolidated companies		2			8		20		12		17
		(27	)		5,441		2,433		1,211		2,206
Add
Fixed charges (excluding interest capitalized)		113			1,983		1,300		1,576		1,384
Income before fixed charges and
income taxes	$	86		$	7,424	$	3,733	$	2,787	$	3,590
Ratio of income to fixed charges		(A	)		3.74		2.86		1.76		2.59

(A) As a result of the loss for the three months ended April 3, 2004, earnings did not cover fixed charges by $27 million.

Total fixed charges		$	113
Income before fixed charges and
income taxes		$	86
	deficit	$	27