Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table presents our earnings to fixed charges for the periods indicated:
Thirty-Nine Weeks Ending October 31, 2009 | Fiscal Year Ended | |||||||||||||||||||
January 31, 2009 | February 2, 2008 | February 3, 2007 | January 28, 2006 | January 29, 2005 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle | $ | 114 | $ | 449 | $ | 1,107 | $ | 1,096 | $ | 958 | $ | 1,116 | ||||||||
Fixed charges (excluding capitalized interest) | 265 | 297 | 268 | 230 | 247 | 225 | ||||||||||||||
Distributions from equity method investments, net of income or loss from equity investees | (5 | ) | 102 | (3 | ) | 6 | 26 | 11 | ||||||||||||
Total earnings | $ | 374 | $ | 848 | $ | 1,372 | $ | 1,332 | $ | 1,231 | $ | 1,352 | ||||||||
Fixed charges: | ||||||||||||||||||||
Portion of minimum rent representative of interest | $ | 87 | $ | 115 | $ | 117 | $ | 128 | $ | 153 | $ | 167 | ||||||||
Interest on indebtedness (including capitalized interest) | 177 | 184 | 156 | 106 | 94 | 58 | ||||||||||||||
Total fixed charges | $ | 264 | $ | 299 | $ | 273 | $ | 234 | $ | 247 | $ | 225 | ||||||||
Ratio of earnings to fixed charges | 1.4 | 2.8 | 5.0 | 5.7 | 5.0 | 6.0 |