EXHIBIT 12
NINE WEST GROUP INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
26 Weeks Ended Year Ended
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Aug. 3 July 29 Feb. 3 Dec. 31 Dec. 31 Dec. 31 Dec. 31
1996 1995 1996 1994 1993 1992 1991
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Earnings:
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Income before provision
for income taxes per
statement of income........ $ 68,364 $28,599(A) $33,634(B) $106,809 $79,453 $52,415 $37,234
Add:
Portion of rents
representative of the
interest factor........... 12,914 7,790 23,233 11,139 7,985 5,750 4,172
Interest on indebtedness.. 19,281 8,575 29,761 2,343 3,323 7,014 9,081
Amortization of debt
expense and premium....... 673 170 1,054 - - - -
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Income as adjusted........ $101,232 $45,134(A) $87,682(B) $120,291 $90,761 $65,179 $50,487
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Fixed Charges:
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Portion of rents
representative of the
interest factor........... $ 12,914 $ 7,790 $23,233 $ 11,139 $ 7,985 $ 5,750 $ 4,172
Interest on indebtedness.. 19,281 8,575 29,761 2,343 3,323 7,014 9,081
Amortization of debt
expense and premium....... 673 170 1,054 - - - -
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Fixed charges............. $ 32,868 $16,535 $54,048 $ 13,482 $11,308 $12,764 $13,253
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Ratio of earnings to
fixed charges............. 3.08 2.73(A) 1.62(B) 8.92 8.03 5.11 3.81
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(A) Includes the impact of a $23.6 million non-recurring increase in cost of goods sold,
attributable to the fair value of inventory over FIFO cost (a "Cost of Goods Sold Adjustment"),
recorded as a result of the Company's acquisition of the footwear business (the "Footwear Group") of
The United States Shoe Corporation.
(B) Includes the impact of: (1) a $34.9 million Cost of Goods Sold Adjustment; and (2) $51.9
million in business restructuring and integration expenses and charges associated with the
integration of the Footwear Group into the Company.