EXHIBIT 12(a) 					 COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES 				 SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES 						 Twelve Six 						 Months Months 						 Ended Ended 						 July 4, July 4, Year Ended 						 1998 1998 (millions, except ratios) (unaudited) (unaudited) 1997 1996 1995 1994 1993 Fixed Charges Interest and amortization of debt discount/ premium and expense on all indebtedness $1,453 $ 737 $1,409 $1,365 $1,373 $1,279 $1,318 Add interest element implicit in rentals 152 79 147 121 119 114 105 						 1,605 816 1,556 1,486 1,492 1,393 1,423 Interest capitalized 4 2 3 5 4 1 3 Total fixed charges $1,609 $ 818 $1,559 $1,491 $1,496 $1,394 $1,426 Income Income from continuing operations $1,358 $ 469 $1,188 $1,271 $1,025 $ 857 $ 625 Deduct undistributed net income (loss) of unconsolidated companies 13 3 13 8 9 (7) 6 						 1,345 466 1,175 1,263 1,016 864 619 Add Fixed charges (excluding interest capitalized) 1,605 816 1,556 1,486 1,492 1,393 1,423 Income taxes 919 315 912 834 703 614 329 Income before fixed charges and income taxes $3,869 $1,597 $3,643 $3,583 $3,211 $2,871 $2,371 Ratio of income to fixed charges 2.40 1.95 2.34 2.40 2.15 2.06 1.66