EXHIBIT 12.1
Saks Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
(A)
26 Weeks 26 Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended
August 1, August 2, January 31, February 1,
Ratio of Earnings to Fixed Charges 1998 1997 1998 1997
- ---------------------------------- ------------ ------------ ------------ ----------
EARNINGS:
Pre-tax income from continuing
operations and before extraordinary
items and cumulative effect of changes
in accounting methods 54,256 35,969 221,811 144,576
Fixed charges 79,584 83,739 172,321 157,227
Preferred stock dividends - - - (1,305)
Capitalized interest (2,320) (2,893) (6,297) (2,803)
-------- ------------ ---------- ----------
Total Earnings 131,520 116,815 387,835 297,695
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FIXED CHARGES:
Interest expense 49,292 57,497 113,685 114,881
Capitalized interest 2,320 2,893 6,297 2,803
Portion of rental expense (one-third) 27,972 23,349 52,339 38,238
Preferred stock dividends - - - 1,305
-------- ------------ ---------- ----------
Total Fixed Charges 79,584 83,739 172,321 157,227
======= ============ ========== ==========
Ratio of Earnings to Fixed Charges 1.7 1.4 2.3 1.9
======= ============ ========== ==========
53 Weeks 52 Weeks 52 Weeks
Ended Ended Ended
February 3, January 28, January 29
1996 1995 1994
------------ ------------ -----------
EARNINGS:
Pre-tax income from continuing
operations and before extraordinary
items and cumulative effect of changes
in accounting methods 51,239 132,563 (366,980)
Fixed charges 180,224 152,935 129,616
Preferred stock dividends (3,197) (2,777) -
Capitalized interest (2,920) (2,571) (1,567)
------------ --------- -----------
Total Earnings 225,347 280,150 (238,931)
============ ========= ===========
FIXED CHARGES:
Interest expense 141,725 117,065 99,205
Capitalized interest 2,920 2,571 1,567
Portion of rental expense (one-third) 32,383 30,522 28,844
Preferred stock dividends 3,197 2,777 -
------------ --------- -----------
Total Fixed Charges 180,224 152,935 129,616
============ ========= ===========
Ratio of Earnings to Fixed Charges 1.3 1.8 -
============ ========= ===========
(A) For the fiscal year ended January 29, 1994, the Company reported a pre-tax
loss from continuing operations of $366,980 due to Saks reporting a pre-tax loss
of $231,283 as well as Carson Pirie Scott filing for and emerging from Chapter
11 bankruptcy during fiscal 1993. Net income after extraordinary items and
changes in accounting methods for fiscal 1993 was $230,091. The ratio of
earnings to fixed charges calculation for fiscal year ended January 29, 1994,
indicated a fixed charge coverage deficiency of $368,547.