Exhibit 12.1

Macy’s, Inc.

Computation of Historical Ratios of Earnings to Fixed Charges(a)

(in millions, except ratio data)

	39 Weeks Ended 10/31/2015			Fiscal Year Ended
				1/31/2015			2/1/2014			2/2/2013			1/28/2012			1/29/2011
Income (loss) from continuing operations before income taxes	$	835		$	2,390		$	2,290		$	2,102		$	1,968		$	1,320
Add: Interest Expense		269			412			390			562			447			579
Portion of rents representative of the interest factor		90			114			104			106			106			105
Adjusted Income (loss)	$	1,194		$	2,916		$	2,784		$	2,770		$	2,521		$	2,004
Fixed Charges:
Interest Expense	$	269		$	412		$	390		$	562		$	447		$	579
Capitalized Interest		13			13			11			15			8			5
Portion of rents representative of the interest factor		90			114			104			106			106			105
Total Fixed Charges	$	372		$	539		$	505		$	683		$	561		$	689
Ratio of earnings (losses) to fixed charges		3.2	x		5.4	x		5.5	x		4.1	x		4.5	x		2.9	x

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