Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(unaudited)
(in thousands, except ratios)
(unaudited)
(in thousands, except ratios)
Thirty-Six Weeks Ended | ||||||||
May 3, | May 5, | |||||||
2008 | 2007 | |||||||
Earnings | ||||||||
Income before income taxes | $ | 625,315 | $ | 595,871 | ||||
Fixed charges | 121,098 | 114,238 | ||||||
Less: Capitalized interest | (2,225 | ) | (961 | ) | ||||
Adjusted earnings | $ | 744,188 | $ | 709,148 | ||||
Fixed charges | ||||||||
Gross interest expense | $ | 85,305 | $ | 82,662 | ||||
Amortization of debt expense | 1,223 | 1,204 | ||||||
Interest portion of rent expense | 34,074 | 30,366 | ||||||
Total fixed charges | $ | 120,602 | $ | 114,232 | ||||
Ratio of earnings to fixed charges | 6.2 | 6.2 | ||||||
Fiscal Year Ended August | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
(52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before income taxes | $ | 936,150 | $ | 902,036 | $ | 873,221 | $ | 905,902 | $ | 833,007 | ||||||||||
Fixed charges | 170,852 | 156,976 | 144,930 | 130,278 | 121,129 | |||||||||||||||
Less: Capitalized interest | (1,376 | ) | (1,985 | ) | (1,079 | ) | (813 | ) | (791 | ) | ||||||||||
Adjusted earnings | $ | 1,105,626 | $ | 1,057,027 | $ | 1,017,072 | $ | 1,035,367 | $ | 953,345 | ||||||||||
Fixed charges | ||||||||||||||||||||
Gross interest expense | $ | 121,592 | $ | 110,568 | $ | 102,341 | $ | 89,600 | $ | 79,301 | ||||||||||
Amortization of debt expense | 1,719 | 1,559 | 2,343 | 4,230 | 7,334 | |||||||||||||||
Interest portion of rent expense | 47,541 | 44,849 | 40,246 | 36,448 | 34,494 | |||||||||||||||
Total fixed charges | $ | 170,852 | $ | 156,976 | $ | 144,930 | $ | 130,278 | $ | 121,129 | ||||||||||
Ratio of earnings to fixed charges | 6.5 | 6.7 | 7.0 | 7.9 | 7.9 | |||||||||||||||