Ralph Lauren (RL) 10-Q 2018 Q2 Quarterly report

EXHIBIT 12.1

RALPH LAUREN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended		Fiscal Years Ended(a)
	September 30, 2017		April 1, 2017			April 2, 2016		March 28, 2015		March 29, 2014		March 30, 2013
	(millions)
Earnings, as defined:
Income (loss) before income taxes	$	278.0	$	(104.9	)	$	551.8	$	987.4	$	1,095.8	$	1,089.3
Add:
Equity in losses of equity-method investees	2.1		5.2			10.9		11.5		9.4		9.5
Fixed charges	82.4		165.9			178.4		172.0		170.2		162.3
Subtract:
Income attributable to noncontrolling interests	—		—			—		—		—		0.7
Earnings available to cover fixed charges	$	362.5	$	66.2		$	741.1	$	1,170.9	$	1,275.4	$	1,260.4
Fixed Charges:
Interest expense	$	9.6	$	12.4		$	21.0	$	16.7	$	18.7	$	19.1
Interest component of rent expense	72.8		153.5			157.4		155.3		151.5		143.2
Total fixed charges	$	82.4	$	165.9		$	178.4	$	172.0	$	170.2	$	162.3
Ratio of earnings to fixed charges(b)	4.4		0.4			4.2		6.8		7.5		7.8

^(a)  The fiscal year ended April 2, 2016 consisted of 53 weeks. All other fiscal years presented consisted of 52 weeks.

^(b)  All ratios have been calculated using unrounded numbers.