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EXHIBIT 12.1
RALPH LAUREN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Years Ended(a) | ||||||||||||||||||||
April 2, 2016 | March 28, 2015 | March 29, 2014 | March 30, 2013 | March 31, 2012 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||
Income before provision for income taxes | $ | 552 | $ | 987 | $ | 1,096 | $ | 1,089 | $ | 1,015 | ||||||||||
Add: | ||||||||||||||||||||
Equity in losses of equity-method investees | 11 | 11 | 9 | 10 | 9 | |||||||||||||||
Fixed charges | 178 | 172 | 170 | 162 | 164 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Income attributable to noncontrolling interests | — | — | — | 1 | — | |||||||||||||||
Earnings available to cover fixed charges | $ | 741 | $ | 1,170 | $ | 1,275 | $ | 1,260 | $ | 1,188 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 21 | $ | 17 | $ | 19 | $ | 19 | $ | 22 | ||||||||||
Interest component of rent expense | 157 | 155 | 151 | 143 | 142 | |||||||||||||||
Total fixed charges | $ | 178 | $ | 172 | $ | 170 | $ | 162 | $ | 164 | ||||||||||
Ratio of earnings to fixed charges(b) | 4.2 | 6.8 | 7.5 | 7.8 | 7.3 |
(a) | Fiscal 2016 consisted of 53 weeks. All other fiscal years presented consisted of 52 weeks. |
(b) | All ratios shown in the above table have been calculated using unrounded numbers. |