EXHIBIT 12(a) 		 COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES 		 SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES 					 Twelve Six 					 Months Months 					 Ended Ended 					 June 29, June 29, Year Ended 					 1996 1996 (millions, except ratios) (unaudited) (unaudited) 1995 1994 1993 1992 1991 Fixed Charges Interest and amortization of debt discount and expense on all indebtedness $1,377 $687 $1,373 $1,279 $1,318 $1,389 $1,568 Add interest element implicit in rentals 101 42 119 114 105 165 155 					 1,478 729 1,492 1,393 1,423 1,554 1,723 Interest capitalized 4 2 4 1 3 23 22 Total fixed charges $1,482 $731 $1,496 $1,394 $1,426 $1,577 $1,745 Income (loss) Income (loss) from continuing operations $1,109 $425 $1,025 $857 $625 ($1,812) $160 Deduct undistributed net income (loss) of unconsolidated companies 19 8 9 (7) 6 (4) (11) 					 1,090 417 1,016 864 619 ( 1,808) 171 Add Fixed charges (excluding interest capitalized) 1,478 729 1,492 1,393 1,423 1,554 1,723 Income taxes (benefit) 763 283 703 614 329 ( 1,039) 126 Income (loss) before fixed charges and income taxes $3,331 $1,429 $3,211 $2,871 $2,371 ($1,293) $2,020 Ratio of income to fixed charges 2.25 1.96 2.15 2.06 1.66 (A) 1.16 <FN> (A) As a result of the loss for the year ended December 31, 1992, earnings did not cover fixed charges by $2,870 million. </FN>