Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges | |||||||
(unaudited) | |||||||
(in thousands, except ratios) | |||||||
Thirty-six Weeks Ended | |||||||
May 6, | May 7, | ||||||
2006 | 2005 | ||||||
Earnings | |||||||
Income before income taxes | $ | 563,813 | $ | 554,835 | |||
Fixed charges | 106,264 | 99,097 | |||||
Less: Capitalized interest | (1,382 | ) | (626 | ) | |||
Adjusted earnings | $ | 668,695 | $ | 653,306 | |||
Fixed charges | |||||||
Gross interest expense | $ | 74,851 | $ | 69,243 | |||
Amortization of debt expense | 1,047 | 1,829 | |||||
Interest portion of rent expense | 30,366 | 28,025 | |||||
Total fixed charges | $ | 106,264 | $ | 99,097 | |||
Ratio of earnings to fixed charges | 6.3 | 6.6 | |||||
Fiscal Year Ended August | ||||||||||||||||
2005 | 2004 | 2003 | 2002 | 2001* | ||||||||||||
(52 weeks) | (52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | ||||||||||||
Earnings | ||||||||||||||||
Income before income taxes | $ | 873,221 | $ | 905,902 | $ | 833,007 | $ | 691,148 | $ | 287,026 | ||||||
Fixed charges | 144,930 | 130,278 | 121,129 | 98,688 | 121,141 | |||||||||||
Less: Capitalized interest | (1,079 | ) | (813 | ) | (791 | ) | (437 | ) | (1,380 | ) | ||||||
Adjusted earnings | $ | 1,017,072 | $ | 1,035,367 | $ | 953,345 | $ | 789,399 | $ | 406,787 | ||||||
Fixed charges | ||||||||||||||||
Gross interest expense | $ | 102,341 | $ | 89,600 | $ | 79,301 | $ | 78,183 | $ | 100,291 | ||||||
Amortization of debt expense | 2,343 | 4,230 | 7,334 | 2,283 | 2,377 | |||||||||||
Interest portion of rent expense | 40,246 | 36,448 | 34,494 | 18,222 | 18,473 | |||||||||||
Total fixed charges | $ | 144,930 | $ | 130,278 | $ | 121,129 | $ | 98,688 | $ | 121,141 | ||||||
Ratio of earnings to fixed charges | 7.0 | 7.9 | 7.9 | 8.0 | 3.4 | |||||||||||
*Fiscal 2001 includes the impact of the pre-tax restructuring and impairment charges of $156.8 million. |