EXHIBIT 12.1
RALPH LAUREN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended | Fiscal Years Ended(a) | |||||||||||||||||||||||
December 31, 2016 | April 2, 2016 | March 28, 2015 | March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||||||||||
(millions) | ||||||||||||||||||||||||
Earnings, as defined: | ||||||||||||||||||||||||
Income before income taxes | $ | 164 | $ | 552 | $ | 987 | $ | 1,096 | $ | 1,089 | $ | 1,015 | ||||||||||||
Add: | ||||||||||||||||||||||||
Equity in losses of equity-method investees | 5 | 11 | 11 | 9 | 10 | 9 | ||||||||||||||||||
Fixed charges | 127 | 178 | 172 | 170 | 162 | 164 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Income attributable to noncontrolling interests | — | — | — | — | 1 | — | ||||||||||||||||||
Earnings available to cover fixed charges | $ | 296 | $ | 741 | $ | 1,170 | $ | 1,275 | $ | 1,260 | $ | 1,188 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 11 | $ | 21 | $ | 17 | $ | 19 | $ | 19 | $ | 22 | ||||||||||||
Interest component of rent expense | 116 | 157 | 155 | 151 | 143 | 142 | ||||||||||||||||||
Total fixed charges | $ | 127 | $ | 178 | $ | 172 | $ | 170 | $ | 162 | $ | 164 | ||||||||||||
Ratio of earnings to fixed charges(b) | 2.3 | 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. |