Exhibit 12.1
Ratio of Earnings to Fixed Charges and Preference Dividends
| Fiscal 2017 | ||||||||||||||||||||||||
| July 30, 2016 | ||||||||||||||||||||||||
| (in millions, except ratios) | 26 Weeks | Fiscal 2016 | Fiscal 2015 | Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before income taxes | $ | 308.2 | $ | 657.8 | $ | 540.6 | $ | 566.5 | $ | 556.9 | $ | 502.1 | ||||||||||||
Fixed charges | 109.6 | 221.1 | 190.3 | 111.9 | 108.9 | 109.2 | ||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
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Total earnings | $ | 417.8 | $ | 878.9 | $ | 730.9 | $ | 678.4 | $ | 665.8 | $ | 611.3 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense, net(1) | $ | 22.1 | $ | 42.3 | $ | 28.6 | $ | 3.6 | $ | 3.2 | $ | 3.4 | ||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Amortization of debt discount and issuance costs(1) | 1.6 | 3.6 | 7.4 | 0.4 | 0.4 | 1.9 | ||||||||||||||||||
Estimate of interest within rental expense(2) | 85.9 | 175.2 | 154.3 | 107.9 | 105.3 | 103.9 | ||||||||||||||||||
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Total fixed charges | $ | 109.6 | $ | 221.1 | $ | 190.3 | $ | 111.9 | $ | 108.9 | $ | 109.2 | ||||||||||||
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Ratio of earnings to fixed charges | 3.81 | 3.98 | 3.84 | 6.06 | 6.11 | 5.60 | ||||||||||||||||||
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Preference dividends | — | — | — | — | — | — | ||||||||||||||||||
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Fixed charges and preference dividends | $ | 109.6 | $ | 221.1 | $ | 190.3 | $ | 111.9 | $ | 108.9 | $ | 109.2 | ||||||||||||
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Ratio of earnings to fixed charges and preference dividends | 3.81 | 3.98 | 3.84 | 6.06 | 6.11 | 5.60 | ||||||||||||||||||
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| (1) | Total amount of interest expense, net reflected on the condensed consolidated income statements for the 13 and 26 weeks ended July 30, 2016 equals $11.9 million and $23.7 million, respectively. This includes $0.7 million and $1.6 million related to the amortization of debt discount and issuance costs for the 13 and 26 weeks ended July 30, 2016, respectively. |
| (2) | Interest within rental expense is estimated to be one-third of rental expense. |
