1
EXHIBIT 12
VENATOR GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
($ in millions)
Thirteen weeks ended Fiscal Years Ended
-------------------- ------------------------------------------------------
April 29, May 1, Jan. 29, Jan. 30, Jan. 31, Jan. 25, Jan. 27,
2000 1999* 2000 1999 1998 1997 1996
---- ----- ---- ---- ---- ---- ----
NET EARNINGS
Income (loss) from continuing
operations, after-tax ............... $ 15 (11) 17 3 213 209 29
Income tax expense (benefit) .......... 9 (7) 11 (42) 120 139 34
Interest expense, excluding capitalized
interest ............................ 11 15 65 57 41 53 91
Portion of rents deemed representative
of the interest factor (1/3) ......... 48 45 190 180 163 162 157
---- ---- ---- ---- ---- ---- ----
$ 83 42 283 198 537 563 311
==== ==== ==== ==== ==== ==== ====
FIXED CHARGES
Gross interest expense ................ $ 11 16 67 64 41 53 91
Portion of rents deemed representative
of the interest factor (1/3) ......... 48 45 190 180 163 162 157
---- ---- ---- ---- ---- ---- ----
$ 59 61 257 244 204 215 248
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RATIO OF EARNINGS TO FIXED
CHARGES .............................. 1.4 0.7 1.1 0.8 2.6 2.6 1.3
---- ---- ---- ---- ---- ---- ----
Earnings were not adequate to cover fixed charges by $19 million for the
thirteen weeks ended May 1, 1999 and by $46 million for the fiscal year ended
January 30, 1999.
* 1999 quarterly information has been restated to reflect the change in method
for calculating the market-related value of pension plan assets.