Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars In Thousands)
(Dollars In Thousands)
Thirty-nine weeks ended | ||||||||||||||||||||||||||||||||
October 31, | October 30, | |||||||||||||||||||||||||||||||
2000 (1) | 2001 (1) | 2002 | 2003 (1) | 2004 | 2004 | 2005 | ||||||||||||||||||||||||||
Income (loss) before income taxes | $ | (16,406 | ) | $ | (54,562 | ) | $ | 2,072 | $ | (17,409 | ) | $ | 61,642 | $ | 66,175 | $ | 51,903 | |||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||||||
Interest expense | 63,417 | 62,812 | 63,544 | 52,418 | 33,460 | 24,797 | 24,455 | |||||||||||||||||||||||||
Interest portion of rentals | 38,341 | 37,971 | 36,559 | 36,092 | 36,401 | 27,510 | 28,260 | |||||||||||||||||||||||||
Total fixed charges | 101,758 | 100,783 | 100,103 | 88,510 | 69,861 | 52,307 | 52,715 | |||||||||||||||||||||||||
Earnings before income taxes and fixed charges | $ | 85,352 | $ | 46,221 | 102,175 | 71,101 | 131,503 | 118,482 | 104,618 | |||||||||||||||||||||||
Ratio of earnings to fixed charges | 0.84 | 0.46 | 1.02 | 0.80 | 1.88 | 2.27 | 1.98 | |||||||||||||||||||||||||
Rent expense | 116,184 | 115,065 | 110,784 | 109,371 | 110,305 | 83,364 | 85,636 | |||||||||||||||||||||||||
One-third | 38,341 | 37,971 | 36,559 | 36,092 | 36,401 | 27,510 | 28,260 |
(1) | The ratio of earnings to fixed charges for fiscal years 2000, 2001 and 2003 was less than one-to-one coverage. In order to achieve one-to-one coverage, an additional $16.4 million, $54.6 million, and $17.4 million, respectively of pre-tax income would have been required. |