Exhibit 12
Saks Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
39 Weeks 53 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended Ended Ended
November 3, February 3, January 29, January 30, January 31, February 1,
Ratio of Earnings to Fixed Charges 2001 2001 2000 1999 1998 1997
- ---------------------------------- ----------- ----------- ----------- ----------- ----------- -----------
EARNINGS:
Pre-tax income from continuing
operations and before extraordinary
items (112,981) 115,599 317,380 66,166 221,811 144,576
Fixed charges 152,638 228,106 216,410 175,869 172,321 157,227
Preferred stock dividends - - - - - (1,305)
Capitalized interest (3,824) (12,507) (14,832) (4,243) (6,297) (2,803)
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Total Earnings 35,833 331,198 518,958 237,792 387,835 297,695
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FIXED CHARGES:
Interest expense 99,354 149,995 138,968 110,971 113,685 114,881
Capitalized interest 3,824 12,507 14,832 4,243 6,297 2,803
Portion of rental expense 49,460 65,604 62,610 60,655 52,339 38,238
Preferred stock dividends - - - - - 1,305
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Total Fixed Charges 152,638 228,106 216,410 175,869 172,321 157,227
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Ratio of Earnings to Fixed Charges N/A* 1.5 2.4 1.4 2.3 1.9
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N/A* Earnings are deficient $116,805 to cover fixed charges.