EX-12.1 5 g87793exv12w1.txt EX-12.1 RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges (in thousands, except ratios)
Fiscal Year Ended August -------------------------------------------------------------------------------- 1999 2000 2001 2001* 2002 2003 (52 weeks) (52 weeks) (52 weeks) (52 weeks) (53 weeks) (52 weeks) -------------------------------------------------------------------------------- Earnings: Income before income taxes $ 387,783 $ 435,190 $ 287,026 $ 443,826 $ 691,148 $ 833,007 Fixed charges 66,015 97,520 121,141 121,141 98,688 121,129 Less: Capitalized interest (2,762) (2,773) (1,380) (1,380) (437) (791) -------------------------------------------------------------------------------- Adjusted earnings $ 451,036 $ 529,937 $ 406,787 $ 563,587 $ 789,399 $ 953,345 ================================================================================ Fixed charges: Gross interest expense $ 47,117 $ 77,699 $ 100,291 $ 100,291 $ 78,183 $ 79,301 Amortization of debt origination fees 1,206 2,209 2,377 2,377 2,283 7,334 Interest portion of rent expense 17,692 17,612 18,473 18,473 18,222 34,494 -------------------------------------------------------------------------------- Total fixed charges $ 66,015 97,520 $ 121,141 $ 121,141 $ 98,688 $ 121,129 ================================================================================ Ratio of earnings to fixed charges 6.8 5.4 3.4 4.7 8.0 7.9 ================================================================================ Twenty-four week periods ended ------------------------------ February 14, February 15, 2004 2003 ------------------------- Earnings: Income before income taxes $ 341,448 $ 297,086 Fixed charges 59,349 54,727 Less: Capitalized interest (284) (267) ------------------------ Adjusted earnings $ 400,513 $ 351,546 ======================== Fixed charges: Gross interest expense $ 39,558 $ 36,052 Amortization of debt origination fees 2,987 2,977 Interest portion of rent expense 16,804 15,698 ------------------------ Total fixed charges $ 59,349 $ 54,727 ======================== Ratio of earnings to fixed charges 6.7 6.4 ========================
* Excludes the impact of the pretax restructuring and impairment charges of $156.8 million in fiscal 2001.