Ralph Lauren (RL) 10-Q 2017 Q2 Quarterly report

EXHIBIT 12.1

RALPH LAUREN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended		Fiscal Years Ended(a)
	October 1, 2016		April 2, 2016		March 28, 2015		March 29, 2014		March 30, 2013		March 31, 2012
	(millions)
Earnings, as defined:
Income before income taxes	$	40	$	552	$	987	$	1,096	$	1,089	$	1,015
Add:
Equity in losses of equity-method investees	4		11		11		9		10		9
Fixed charges	85		178		172		170		162		164
Subtract:
Income attributable to noncontrolling interests	—		—		—		—		1		—
Earnings available to cover fixed charges	$	129	$	741	$	1,170	$	1,275	$	1,260	$	1,188
Fixed Charges:
Interest expense	$	7	$	21	$	17	$	19	$	19	$	22
Interest component of rent expense	78		157		155		151		143		142
Total fixed charges	$	85	$	178	$	172	$	170	$	162	$	164
Ratio of earnings to fixed charges(b)	1.5		4.2		6.8		7.5		7.8		7.3

^(a)  Fiscal year ended April 2, 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.