Macy's (M) 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

Exhibit 12.1

Macy’s, Inc.

Computation of Historical Ratios of Earnings to Fixed Charges (a)

(in millions, except ratio data)

	26 Weeks Ended		Fiscal Year Ended
	7/28/2012		1/28/12		1/29/10		1/30/2010		1/31/2009			2/2/2008
Income (loss) from continuing operation before income taxes	$	728	$	1,968	$	1,320	$	507	$	(4,938	)	$	1,320
Add: Interest Expense		218		447		579		562		588			579
Portion of rents representative of the interest factor		53		106		105		106		110			104
Adjusted Income (loss)	$	999	$	2,521	$	2,004	$	1,175	$	(4,240	)	$	2,003
Fixed Charges:
Interest Expense		218		447		579		562		588			579
Capitalized Interest		6		8		5		5		11			11
Portion of rents representative of the interest factor		53		106		105		106		110			104
Total Fixed Charges	$	277	$	561	$	689	$	673	$	709		$	694
Ratio of earnings (losses) to fixed charges(b)		3.6x		4.5x		2.9x		1.7x		—			2.9x

(a) For purposes of determining the ratio of earnings (loss) to fixed charges, earnings (loss) consist of income (loss) from continuing operations before income taxes plus fixed charges (excluding interest capitalized). Fixed charges represent interest incurred, amortization of debt expenses, and that portion of rental expenses on operating leases deemed to be the equivalent of interest.

(b) For the fiscal year ended January 31, 2009, our earnings were insufficient to cover our fixed charges by $4.95 billion.