Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
Twenty-Four Weeks Ended | ||||||||
February 9, 2013 | February 11, 2012 | |||||||
Earnings: | ||||||||
Income before income taxes | $ | 598,420 | $ | 563,568 | ||||
Fixed charges | 117,947 | 111,419 | ||||||
Less: Capitalized interest | (524 | ) | (409 | ) | ||||
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Adjusted earnings | $ | 715,843 | $ | 674,578 | ||||
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Fixed charges: | ||||||||
Gross interest expense | $ | 79,781 | $ | 75,516 | ||||
Amortization of debt expense | 3,905 | 3,573 | ||||||
Interest portion of rent expense | 34,261 | 32,330 | ||||||
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Fixed charges | $ | 117,947 | $ | 111,419 | ||||
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Ratio of earnings to fixed charges | 6.1 | 6.1 | ||||||
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Fiscal Year Ended August | ||||||||||||||||||||
2012 (52 weeks) | 2011 (52 weeks) | 2010 (52 weeks) | 2009 (52 weeks) | 2008 (53 weeks) | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 1,452,986 | $ | 1,324,246 | $ | 1,160,505 | $ | 1,033,746 | $ | 1,007,389 | ||||||||||
Fixed charges | 250,056 | 240,329 | 223,608 | 204,017 | 173,311 | |||||||||||||||
Less: Capitalized interest | (1,245 | ) | (1,059 | ) | (1,093 | ) | (1,301 | ) | (1,313 | ) | ||||||||||
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Adjusted earnings | $ | 1,701,797 | $ | 1,563,516 | $ | 1,383,020 | $ | 1,236,462 | $ | 1,179,387 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Gross interest expense | $ | 170,481 | $ | 164,712 | $ | 156,135 | $ | 143,860 | $ | 120,006 | ||||||||||
Amortization of debt expense | 8,066 | 8,962 | 6,495 | 3,644 | 1,837 | |||||||||||||||
Interest portion of rent expense | 71,509 | 66,655 | 60,978 | 56,513 | 51,468 | |||||||||||||||
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Fixed charges | $ | 250,056 | $ | 240,329 | $ | 223,608 | $ | 204,017 | $ | 173,311 | ||||||||||
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Ratio of earnings to fixed charges | 6.8 | 6.5 | 6.2 | 6.1 | 6.8 | |||||||||||||||
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