Exhibit 12.1

Macy’s, Inc.
Computation of Historical Ratios of Earnings to Fixed Charges(a)
(in millions, except ratio data)

	13 Weeks Ended			Fiscal Year Ended
	5/3/2008			2/2/2008			2/3/2007			1/28/2006			1/29/2005			1/31/2004
Income from continuing operations before income taxes	$	(106	)	$	1,320		$	1,446		$	2,044		$	1,116		$	1,084
Add: Interest Expense		142			579			451			422			299			266
Portion of rents representative of the interest factor		26			104			117			122			91			132
Adjusted Income	$	62		$	2,003		$	2,014		$	2,588		$	1,506		$	1,482
Fixed Charges:
Interest Expense	$	142		$	579		$	451		$	422		$	299		$	266
Capital Interest		3			11			15			1			—			—
Portion of rents representative of the interest factor		26			104			117			122			91			132
Total Fixed Charges	$	171		$	694		$	583		$	545		$	390		$	398
Ratio of earnings to fixed charges		0.4	x		2.9	x		3.5	x		4.7	x		3.9	x		3.7	x

(a) For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes plus fixed charges (excluding interest capitalized). Fixed charges represent interest incurred, amortization of debt expenses, and that portion of rental expenses on operating leases deemed to be the equivalent of interest.