EXHIBIT 12
THE LIMITED, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands)
Year Ended
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January 31, 1998 February 1, 1997 February 3, 1996 January 28, 1995 January 29,1994
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Adjusted Earnings
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Pretax earnings $400,390 $675,208 $1,184,511 $744,343 $644,999
Portion of minimum rent ($744,775 in 1997, 248,258 238,161 223,100 204,716 190,759
$714,482 in 1996, $669,301 in 1995, $614,147 in
1994 and $572,278 in 1993) representative of
interest
Interest on indebtedness 68,728 75,363 77,537 65,381 63,865
Minority interest 56,473 45,646 22,374 -- --
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Total earnings as adjusted $773,849 $1,034,378 $1,507,522 $1,014,440 $899,623
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Fixed Charges
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Portion of minimum rent representative
of interest $248,258 $238,161 $223,100 $204,716 $190,759
Interest on indebtedness 68,728 75,363 77,537 65,381 63,865
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Total fixed charges $316,986 $313,524 $300,637 $270,097 $254,624
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Ratio of earnings to fixed charges 2.44x 3.30x 5.01x 3.76x 3.53x
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