EX-12.1 4 d62903_ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

 
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
 
    Twenty-four Weeks Ended  
   
 
    February 12,
2005
  February 14,
2004
 
   
 
 
Earnings          
  Income before income taxes   $ 319,597   $ 341,448  
  Fixed charges     64,209     59,349  
  Less:  Capitalized interest     (374 )   (284 )


      Adjusted earnings   $ 383,432   $ 400,513  


   
Fixed charges  
  Gross interest expense   $ 45,136   $ 39,558  
  Amortization of debt expense     1,211     2,987  
  Interest portion of rent expense     17,862     16,804  


     Total fixed charges   $ 64,209   $ 59,349  


     Ratio of earnings to fixed charges     6.0     6.7  


 
  Fiscal Year Ended August  
 
 
  2004
(52 weeks)
  2003
(52 weeks)
  2002
(53 weeks)
  2001*
(52 weeks)
  2000
(52 weeks)
 





Earnings                    
  Income before income taxes $ 905,902   $ 833,007   $ 691,148   $ 287,026   $ 435,190  
  Fixed charges   130,278     121,129     98,688     121,141     97,520  
  Less:  Capitalized interest   (813 )   (791 )   (437 )   (1,380 )   (2,773 )





      Adjusted earnings $ 1,035,367   $ 953,345   $ 789,399   $ 406,787   $ 529,937  





Fixed charges
  Gross interest expense $ 89,600   $ 79,301   $ 78,183   $ 100,291   $ 77,699  
  Amortization of debt expense   4,230     7,334     2,283     2,377     2,209  
  Interest portion of rent expense   36,448     34,494     18,222     18,473     17,612  





     Total fixed charges $ 130,278   $ 121,129   $ 98,688   $ 121,141   $ 97,520  





     Ratio of earnings to fixed charges   7.9     7.9     8.0     3.4     5.4  





 
*Fiscal 2001 includes the impact of the pre-tax restructuring and impairment charges of $156.8 million.