EXHIBIT 12
NINE WEST GROUP INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
Thirteen Weeks Ended Year Ended
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May 3 May 4 Feb. 1 Feb. 3 Dec. 31 Dec. 31 Dec. 31
1997 1996 1997 1996 1994 1993 1992
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Earnings:
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Income before provision
for income taxes per
statement of income........ $28,792 $25,082 $139,406(A) $33,634(B) $106,809 $79,453 $52,415
Add:
Portion of rents
representative of the
interest factor........... 6,961 6,184 26,887 19,965 9,099 6,633 5,066
Interest on indebtedness.. 11,882 9,727 40,629 29,761 2,343 3,323 7,014
Amortization of debt
expense and premium....... 532 405 2,348 1,054 - - -
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Income as adjusted........ $48,167 $41,398 $209,270(A) $84,414(B) $118,251 $89,409 $64,495
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Fixed Charges:
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Portion of rents
representative of the
interest factor........... $ 6,961 $ 6,184 $ 26,887 $19,965 $ 9,099 $ 6,633 $ 5,066
Interest on indebtedness.. 11,882 9,727 40,629 29,761 2,343 3,323 7,014
Amortization of debt
expense and premium....... 532 405 2,348 1,054 - - -
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Fixed charges............. $19,375 $16,316 $ 69,864 $50,780 $ 11,442 $ 9,956 $12,080
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Ratio of earnings to
fixed charges............. 2.49 2.54 3.00(A) 1.66(B) 10.33 8.98 5.34
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(A) Income from continuing operations for 1996 was $83.6 million, or $2.26 per share on a fully diluted
basis, compared to income from continuing operations of $19.0 million, or $0.53 per share, for 1995.
Results for 1996 include a net pretax charge of $19.0 million, of which approximately $13.8 million
represents non-cash charges, primarily attributable to costs associated with the restructuring of North
American manufacturing facilities.
(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.