EX-12.1 2 c82785exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands, except ratios)
                 
    Twenty-Four Weeks Ended  
    February 14,     February 9,  
    2009     2008  
Earnings
               
Income before income taxes
  $ 390,162     $ 377,611  
Fixed charges
    90,908       81,410  
Less: Capitalized interest
    (423 )     (630 )
 
           
Adjusted earnings
  $ 480,647     $ 458,391  
 
           
 
               
Fixed charges
               
Gross interest expense
  $ 64,306     $ 57,963  
Amortization of debt expense
    1,240       820  
Interest portion of rent expense
    25,362       22,627  
 
           
Total fixed charges
  $ 90,908     $ 81,410  
 
           
 
               
Ratio of earnings to fixed charges
    5.3       5.6  
 
           
                                         
    Fiscal Year Ended August  
    2008     2007     2006     2005     2004  
    (53 weeks)     (52 weeks)     (52 weeks)     (52 weeks)     (52 weeks)  
Earnings
                                       
Income before income taxes
  $ 1,007,389     $ 936,150     $ 902,036     $ 873,221     $ 905,902  
Fixed charges
    173,311       170,852       156,976       144,930       130,278  
Less: Capitalized interest
    (1,313 )     (1,376 )     (1,985 )     (1,079 )     (813 )
 
                             
Adjusted earnings
  $ 1,179,387     $ 1,105,626     $ 1,057,027     $ 1,017,072     $ 1,035,367  
 
                             
 
                                       
Fixed charges
                                       
Gross interest expense
  $ 120,006     $ 121,592     $ 110,568     $ 102,341     $ 89,600  
Amortization of debt expense
    1,837       1,719       1,559       2,343       4,230  
Interest portion of rent expense
    51,468       47,541       44,849       40,246       36,448  
 
                             
Total fixed charges
  $ 173,311     $ 170,852     $ 156,976     $ 144,930     $ 130,278  
 
                             
 
                                       
Ratio of earnings to fixed charges
    6.8       6.5       6.7       7.0       7.9