Exhibit 12.1
Shoppers Food Warehouse Corp.
Ratio of Earnings to Fixed Charges
(dollars in thousands)
Historical
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Fiscal Year Ended
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June 27, July 3, July 2, July 1, June 29,
1992 1993 1994 1995 1996
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Earnings -
Consolidated net income (loss) $ 9,244 $ 11,633 $ 12,929 $ 19,526 $ 18,703
Add back (deduct):
Consolidated provision (benefit) for
income taxes 5,757 7,205 8,043 14,764 10,462
Fixed Charges 4,851 5,990 6,404 6,394 7,060
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Total $ 19,852 $ 24,828 $ 27,376 $ 40,684 $ 36,225
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Fixed Charges -
Interest on debt and capital lease $ 1,519 $ 1,576 $ 1,426 $ 1,451 $ 1,771
Amortization of deferred financing
costs -- -- -- -- --
Interest element of rentals 3,332 4,414 4,978 4,943 5,289
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Total $ 4,851 $ 5,990 $ 6,404 $ 6,394 $ 7,060
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Ratio of Earnings to Fixed Charges 4.09 4.15 4.27 6.36 5.13
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Support for Interest Element of
Rentals
Rent expense charged to operations $ 10,097 $ 13,375 $ 15,086 $ 14,979 $ 16,027
x 33% 0.33 0.33 0.33 0.33 0.33
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Interest element of rentals $ 3,332 $ 4,414 $ 4,978 $ 4,943 $ 5,289
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31 Weeks 52 weeks 13 Weeks Ended
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February 3, February 1, February 1, May 4, May 3,
1996 1997 1997 1996 1997
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Earnings -
Consolidated net income (loss) $ 8,595 $ 10,455 $ 20,563 $ 6,492 $ 3,177
Add back (deduct):
Consolidated provision (benefit) for
income taxes 5,433 6,380 11,409 3,813 2,478
Fixed Charges 3,891 4,359 7,528 1,682 6,598
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Total $ 17,919 $ 21,194 $ 39,500 $ 11,987 $ 12,253
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Fixed Charges -
Interest on debt and capital lease $ 836 $ 710 $ 1,645 $ 378 $ 4,740
Amortization of deferred financing
costs -- -- -- -- 510
Interest element of rentals 3,055 3,649 5,883 1,304 1,348
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Total $ 3,891 $ 4,359 $ 7,528 $ 1,682 $ 6,598
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Ratio of Earnings to Fixed Charges 4.60 4.86 5.25 7.13 1.86
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Support for Interest Element of
Rentals
Rent expense charged to operations $ 9,259 $ 11,058 $ 17,827 $ 3,951 $ 4,086
x 33% 0.33 0.33 0.33 0.33 0.33
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Interest element of rentals $ 3,055 $ 3,649 $ 5,883 $ 1,304 $ 1,348
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Pro Forma
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52 weeks ended 31 wks ended 13 wks ended
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June 29, Feb. 1, Feb. 1, May 3,
1996 1997 1997 1997
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Earnings -
Consolidated net income (loss) $ (157) $ 1,464 $ (282) $ 3,214
Add back (deduct):
Consolidated provision (benefit) for
income taxes 2,051 3,041 1,059 2,509
Fixed Charges 27,489 27,957 16,276 6,884
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Total $ 29,383 $ 32,462 $ 17,053 $ 12,607
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Fixed Charges -
Interest on debt and capital lease $ 21,271 $ 21,145 $ 12,085 $ 5,304
Amortization of deferred financing
costs 929 929 542 232
Interest element of rentals 5,289 5,883 3,649 1,348
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Total $ 27,489 $ 27,957 $ 16,276 $ 6,884
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Ratio of Earnings to Fixed Charges 1.07 1.16 1.05 1.83
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Support for Interest Element of
Rentals
Rent expense charged to operations $ 16,027 $ 17,827 $ 11,058 $ 4,086
x 33% 0.33 0.33 0.33 0.33
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Interest element of rentals $ 5,289 $ 5,883 $ 3,649 $ 1,348
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