AutoZone (AZO) 10-Q 2005 Q2 Quarterly report

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Twenty-four Weeks Ended
	February 12, 2005			February 14, 2004
Earnings
Income before income taxes	$	319,597		$	341,448
Fixed charges		64,209			59,349
Less:  Capitalized interest		(374	)		(284	)
Adjusted earnings	$	383,432		$	400,513
Fixed charges
Gross interest expense	$	45,136		$	39,558
Amortization of debt expense		1,211			2,987
Interest portion of rent expense		17,862			16,804
Total fixed charges	$	64,209		$	59,349
Ratio of earnings to fixed charges		6.0			6.7

	Fiscal Year Ended August
	2004 (52 weeks)			2003 (52 weeks)			2002 (53 weeks)			2001* (52 weeks)			2000 (52 weeks)
Earnings
Income before income taxes	$	905,902		$	833,007		$	691,148		$	287,026		$	435,190
Fixed charges		130,278			121,129			98,688			121,141			97,520
Less:  Capitalized interest		(813	)		(791	)		(437	)		(1,380	)		(2,773	)
Adjusted earnings	$	1,035,367		$	953,345		$	789,399		$	406,787		$	529,937
Fixed charges
Gross interest expense	$	89,600		$	79,301		$	78,183		$	100,291		$	77,699
Amortization of debt expense		4,230			7,334			2,283			2,377			2,209
Interest portion of rent expense		36,448			34,494			18,222			18,473			17,612
Total fixed charges	$	130,278		$	121,129		$	98,688		$	121,141		$	97,520
Ratio of earnings to fixed charges		7.9			7.9			8.0			3.4			5.4

*Fiscal 2001 includes the impact of the pre-tax restructuring and impairment charges of $156.8 million.