EX-12.1 4 d64142_12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

Thirty-six Weeks Ended

 

 

 

 

 

 

May 7,
2005

 

May 8,
2004

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

Income before income taxes

 

$

554,835

 

$

570,859

 

Fixed charges

 

 

99,097

 

 

90,026

 

Less: Capitalized interest

 

 

(626

)

 

(465

)

 

 

 

 

Adjusted earnings

 

$

653,306

 

$

660,420

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

Gross interest expense

 

$

69,243

 

$

61,193

 

Amortization of debt expense

 

 

1,829

 

 

3,445

 

Interest portion of rent expense

 

 

28,025

 

 

25,388

 

 

 

 

 

Total fixed charges

 

$

99,097

 

$

90,026

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

6.6

 

 

7.3

 

 

 

 

 

 

 

 

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.

 

 

31