EX-12.1 3 a2185101zex-12_1.htm EXHIBIT 12.1

Exhibit No. 12.1

 

Statements re: Computation of Ratios

$ in millions

 

 

 

Fiscal Year Ended

 

 

 

Mar. 1,
2008

 

Mar. 3,
2007

 

Feb. 25,
2006

 

Feb. 26,
2005

 

Feb. 28,
2004

 

Ratio of Earnings to Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

1,407

 

$

1,377

 

$

1,140

 

$

984

 

$

705

 

Discontinued operations, net of tax

 

—

 

—

 

—

 

(50

)

95

 

Minority interest in earnings

 

3

 

1

 

—

 

—

 

—

 

Equity in loss of affiliates

 

3

 

—

 

—

 

—

 

—

 

Income tax expense

 

815

 

752

 

581

 

509

 

496

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income tax expense, minority interest and equity in loss of affiliates

 

2,228

 

2,130

 

1,721

 

1,443

 

1,296

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest portion of rental expense

 

222

 

198

 

165

 

150

 

140

 

Interest expense

 

62

 

31

 

30

 

44

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

284

 

229

 

195

 

194

 

172

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

—

 

—

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges in earnings

 

284

 

229

 

195

 

194

 

171

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

2,512

 

2,359

 

1,916

 

1,637

 

1,467

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.85

 

10.30

 

9.81

 

8.43

 

8.55

 

 

Note:  Computation is based on continuing operations