Exhibit 12
Saks Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges | 39 Weeks Ended November 1, 2003 | 52 Weeks Ended February 1, 2003 | 52 Weeks Ended February 2, 2002 | 53 Weeks Ended February 3, 2001 | 52 Weeks Ended January 29, 2000 | 52 Weeks Ended January 30, 1999 | ||||||||||||
EARNINGS: | ||||||||||||||||||
Pre-tax income from continuing operations and before cumulative effect of accounting change | (15,899 | ) | 109,985 | 523 | 115,599 | 302,198 | 23,797 | |||||||||||
Fixed charges | 135,196 | 194,828 | 202,773 | 228,106 | 216,410 | 175,869 | ||||||||||||
Capitalized interest | (1,937 | ) | (2,897 | ) | (4,757 | ) | (12,507 | ) | (14,832 | ) | (4,243 | ) | ||||||
Total Earnings | 117,360 | 301,916 | 198,539 | 331,198 | 503,776 | 195,423 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||
Interest expense | 82,926 | 124,052 | 131,039 | 149,995 | 138,968 | 110,971 | ||||||||||||
Capitalized interest | 1,937 | 2,897 | 4,757 | 12,507 | 14,832 | 4,243 | ||||||||||||
Portion of rental expense | 50,333 | 67,879 | 66,977 | 65,604 | 62,610 | 60,655 | ||||||||||||
Total Fixed Charges | 135,196 | 194,828 | 202,773 | 228,106 | 216,410 | 175,869 | ||||||||||||
Ratio of Earnings to Fixed Charges | 0.9 | 1.5 | 1.0 | 1.5 | 2.3 | 1.1 | ||||||||||||