EX-12.1 4 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table presents our earnings to fixed charges for the periods indicated:

 

     Twenty-Six
Weeks
Ending
August 1,
2009		    Fiscal Year Ended
        January 31,
2009		    February 2,
2008		     February 3,
2007		    January 28,
2006		    January 29,
2005

Earnings:

                 

Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle

    $ 102    $ 449    $ 1,107      $ 1,096    $ 958    $ 1,116

Fixed charges (excluding capitalized interest)

      178      297      268        230      247      225

Distributions from equity method investments, net of income or loss from equity investees

      —        102      (3 )      6      26      11
                                          

Total earnings

    $ 280    $ 848    $ 1,372      $ 1,332    $ 1,231    $ 1,352
                                          

Fixed charges:

                 

Portion of minimum rent representative of interest

    $ 57    $ 115    $ 117      $ 128    $ 153    $ 167

Interest on indebtedness (including capitalized interest)

      121      184      156        106      94      58
                                          

Total fixed charges

    $ 178    $ 299    $ 273      $ 234    $ 247    $ 225
                                          

Ratio of earnings to fixed charges

      1.6      2.8      5.0        5.7      5.0      6.0