EXHIBIT 12
----------
THE LIMITED, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands)
Year Ended
------------------------------------------------------------------------------------
February 1, 1997 February 3, 1996 January 28, 1995 January 29, 1994 January 30, 1993
---------------- ---------------- ---------------- ---------------- ----------------
Adjusted Earnings
- -----------------
Pretax earnings $ 675,208 $1,184,511 $ 744,343 $644,999 $745,497
Portion of minimum rent ($714,482 in 1996, 238,161 223,100 204,716 190,759 170,181
$669,301 in 1995, $614,147 in 1994,
$572,278 in 1993 and $510,544 in 1992)
representative of interest
Interest on indebtedness 75,363 77,537 65,381 63,865 62,398
Minority interest 45,646 22,374 - - _
----------- ----------- ----------- --------- ---------
Total earnings as adjusted $1,034,378 $1,507,522 $1,014,440 $899,623 $978,076
=========== =========== =========== ========= =========
Fixed Charges
- -------------
Portion of minimum rent representative
of interest $ 238,161 $ 223,100 $ 204,716 $190,759 $170,181
Interest on indebtedness 75,363 77,537 65,381 63,865 62,398
----------- ----------- ----------- --------- ---------
Total fixed charges $ 313,524 $ 300,637 $ 270,097 $254,624 $232,579
=========== =========== =========== ========= =========
Ratio of earnings to fixed charges 3.30x 5.01x 3.76x 3.53x 4.21x
=========== =========== =========== ========= =========