Exhibit 12.1
Whole Foods Market, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratio data)
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| | Sept 26, 2004
| | Sept 28, 2003
| | Sept 29, 2002
| | Sept 30, 2001
| | Sept 24, 2000
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Earnings: | | | | | | | | | | |
Income from continuing operations before income taxes and equity in losses of unconsolidated affiliate | | 221,095 | | 166,430 | | 136,180 | | 91,045 | | 75,820 |
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Rent expense | | 92,729 | | 80219 | | 68,176 | | 58,937 | | 46,992 |
| | x 1/3 | | x 1/3 | | x 1/3 | | x 1/3 | | x 1/3 |
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One-third of rent expense | | 30,910 | | 26,740 | | 22,725 | | 19,646 | | 15,664 |
Interest expense | | 7,249 | | 8,114 | | 10,384 | | 17,891 | | 15,093 |
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Fixed charges to add to earnings | | 38,159 | | 34,854 | | 33,109 | | 37,537 | | 30,757 |
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Total available earnings | | 259,254 | | 201,284 | | 169,289 | | 128,582 | | 106,577 |
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Fixed Charges: | | | | | | | | | | |
Interest expense | | 7,249 | | 8,114 | | 10,384 | | 17,891 | | 15,093 |
Capitalized interest | | 2,132 | | 1,385 | | 1,433 | | 2,112 | | 2,274 |
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Total interest | | 9,381 | | 9,499 | | 11,817 | | 20,003 | | 17,367 |
One-third of rent expense | | 30,910 | | 26,740 | | 22,725 | | 19,646 | | 15,664 |
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Total fixed charges | | 40,291 | | 36,239 | | 34,542 | | 39,649 | | 33,031 |
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Ratio of earnings to fixed charges | | 6.43x | | 5.55x | | 4.90x | | 3.24x | | 3.23x |