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EXHIBIT 12
WOOLWORTH CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(dollars in millions)
Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
39 weeks Year Year Year Year Year
ended ended ended ended ended ended
Oct. 25, Jan. 25, Jan. 27, Jan. 28, Jan. 29, Jan. 30,
1997 1997 1996 1995 1994 1993
-------- -------- -------- -------- -------- --------
NET EARNINGS
Net income (loss) $(125) $ 169 $(164) $ 47 $(495) $280
Income tax expense (benefit) (76) 111 (69) 49 (303) 157
Interest expense, excluding capitalized
interest 34 77 124 110 86 94
Portion of rents deemed representative
of the interest factor (1/3) 54 230 224 211 210 199
----- ----- ----- ----- ----- ----
$(113) $ 587 $ 115 $ 417 $(502) $730
===== ===== ===== ===== ===== ====
FIXED CHARGES
Gross interest expense $ 34 $ 77 $ 124 $ 111 $ 86 $ 94
Portion of rents deemed representative
of the interest factor (1/3) 54 230 224 211 210 199
----- ---- ----- ----- ----- ----
$ 88 $307 $ 348 $ 322 $ 296 $293
===== ==== ===== ===== ===== ====
RATIO OF EARNINGS TO FIXED
CHARGES -- 1.9 0.3 1.3 -- 2.5
===== ==== ===== ===== ===== ====
Earnings were not adequate to cover fixed charges by $201 million, $233 million
and $798 million for the period ended October 25, 1997 and for the fiscal years
ended January 27, 1996 and January 29, 1994, respectively.