Exhibit 12
Saks Incorporated and Subsidiaries
Statement of the Computation of the Ratio of Earnings to Fixed Charges
(dollars in thousands)
Ratio of Earnings to Fixed Charges | 13 Weeks Ended May 1, 2004 | 13 Weeks Ended May 3, 2003 | 52 Weeks Ended January 31, 2004 | 52 Weeks Ended February 1, 2003 | 52 Weeks Ended February 2, 2002 | 52 Weeks Ended February 3, 2001 | 52 Weeks Ended January 29, 2000 | ||||||||||||||
EARNINGS: | |||||||||||||||||||||
Pre-tax income from continuing operations and before cumulative effect of accounting change | 34,685 | 22,736 | 109,879 | 109,985 | 523 | 115,599 | 302,198 | ||||||||||||||
Fixed charges | 44,035 | 44,788 | 179,314 | 194,828 | 202,773 | 228,106 | 216,410 | ||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | ||||||||||||||
Capitalized interest | (718 | ) | (382 | ) | (2,384 | ) | (2,897 | ) | (4,757 | ) | (12,507 | ) | (14,832 | ) | |||||||
Total Earnings | 78,002 | 67,142 | 286,809 | 301,916 | 198,539 | 331,198 | 503,776 | ||||||||||||||
FIXED CHARGES: | |||||||||||||||||||||
Interest expense | 25,966 | 28,864 | 109,713 | 124,052 | 131,039 | 149,995 | 138,968 | ||||||||||||||
Capitalized interest | 718 | 382 | 2,384 | 2,897 | 4,757 | 12,507 | 14,832 | ||||||||||||||
Portion of rental expense (one-third) | 17,351 | 15,542 | 67,217 | 67,879 | 66,977 | 65,604 | 62,610 | ||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | — | ||||||||||||||
Total Fixed Charges | 44,035 | 44,788 | 179,314 | 194,828 | 202,773 | 228,106 | 216,410 | ||||||||||||||
Ratio of Earnings to Fixed Charges | 1.8 | 1.5 | 1.6 | 1.5 | 1.0 | 1.5 | 2.3 | ||||||||||||||