EX-12 4 c87419exv12.htm COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES exv12
 

Exhibit 12

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

                                         
    Six        
    Months      
    Ended   For the Fiscal Year Ended
    7/3/04                
(millions, except ratios)   (unaudited)   2003   2002   2001   2000
     
Fixed Charges
                                        
Interest and amortization of debt discount and expense on all indebtedness
   $ 144     $ 1,816     $ 1,143     $ 1,415     $ 1,248  
     
Add interest element implicit in rentals
     74       167       157       161       136  
 
                    
 
     218       1,983       1,300       1,576       1,384  
Interest capitalized
     0       1       4       11       4  
 
                    
     
Total fixed charges
   $ 218     $ 1,984     $ 1,303     $ 1,587     $ 1,388  
 
                    
Income
                                        
Income before income taxes, minority interest and cumulative effect of change in accounting principle
   $ 64     $ 5,449     $ 2,453     $ 1,223     $ 2,223  
Deduct undistributed net income of unconsolidated companies
     4       8       20       12       17  
 
                    
 
     60       5,441       2,433       1,211       2,206  
Add
                                        
Fixed charges (excluding interest capitalized)
     218       1,983       1,300       1,576       1,384  
 
                    
Income before fixed charges and income taxes
   $ 278     $ 7,424     $ 3,733     $ 2,787     $ 3,590  
 
                    
Ratio of income to fixed charges
     1.27       3.74       2.86       1.76       2.59