EX-12.1 2 v031406_ex12-1.htm

 Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges
  
(in thousands, except ratios)
  
 
   
Twelve Weeks Ended
  
   
November 19,
  
November 20,
  
   
2005
  
2004
  
Earnings
              
Income before income taxes
  
$
181,554
  
$
194,523
  
Fixed charges
    
34,310
   
30,841
 
Less: Capitalized interest
    
(407
)
  
(245
)
Adjusted earnings
  
$
215,457
  
$
225,119
  
               
Fixed charges
              
Gross interest expense
  
$
24,135
  
$
21,551
  
Amortization of debt expense
    
362
   
586
 
Interest portion of rent expense
    
9,813
   
8,704
 
Total fixed charges
  
$
34,310
  
$
30,841
  
               
Ratio of earnings to fixed charges
    
6.3
   
7.3
 
 
 
   
Fiscal Year Ended August
  
   
2005
  
2004
  
2003
  
2002
  
2001*
  
   
(52 weeks)
  
(52 weeks)
  
(52 weeks)
  
(53 weeks)
  
(52 weeks)
  
Earnings
                      
Income before income taxes
  
$
873,221
  
$
905,902
  
$
833,007
  
$
691,148
  
$
287,026
  
Fixed charges
    
144,930
   
130,278
   
121,129
   
98,688
   
121,141
 
Less: Capitalized interest
    
(1,079
)
  
(813
)
  
(791
)
  
(437
)
  
(1,380
)
Adjusted earnings
  
$
1,017,072
  
$
1,035,367
  
$
953,345
  
$
789,399
  
$
406,787
  
                                 
Fixed charges
                                
Gross interest expense
  
$
102,341
  
$
89,600
  
$
79,301
  
$
78,183
  
$
100,291
  
Amortization of debt expense
    
2,343
   
4,230
   
7,334
   
2,283
   
2,377
 
Interest portion of rent expense
    
40,246
   
36,448
   
34,494
   
18,222
   
18,473
 
Total fixed charges
  
$
144,930
  
$
130,278
  
$
121,129
  
$
98,688
  
$
121,141
  
                                 
Ratio of earnings to fixed charges
    
7.0
    
7.9
   
7.9
   
8.0
    
3.4
 
 
*Fiscal 2001 includes the impact of the pre-tax restructuring and impairment charges of $156.8 million.