1
EXHIBIT 12
WOOLWORTH CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in millions)
Fiscal Fiscal Fiscal Fiscal Fiscal
Quarter Year Year Year Year Year
ended ended ended ended ended ended
Apr. 27, Jan. 27, Jan. 28, Jan. 29, Jan. 30, Jan. 25,
1996 1996 1995 1994 1993 1992
-------- -------- -------- -------- -------- --------
NET EARNINGS
Net Income (loss) $ (22) $(164) $ 47 $(495) $280 $ (53)
Income taxes (15) (69) 49 (303) 157 (30)
Interest expense, excluding capitalized
interest 21 124 110 86 94 99
Portion of rents deemed representative
of the interest factor (1/3) 56 224 211 210 199 192
----- ----- ----- ----- ---- -----
$ 40 $ 115 $ 417 $(502) $730 $ 208
===== ===== ===== ===== ==== =====
FIXED CHARGES
Gross interest expense $ 21 $ 124 $ 111 $ 86 $ 94 $ 99
Portion of rents deemed representative
of the interest factor (1/3) 56 224 211 210 199 192
----- ----- ----- ----- ---- -----
$ 77 $ 348 $ 322 $ 296 $293 $ 291
===== ===== ===== ===== ==== =====
RATIO OF EARNINGS TO FIXED
CHARGES .5 .3 1.3 -- 2.5 .7
===== ===== ===== ===== ==== =====
Earnings were not adequate to cover fixed charges by $37 million for the
thirteen weeks ended April 27, 1996. Earnings were also not adequate to cover
fixed charges by $233 million, $798 million and $83 million for the fiscal
years ended January 27, 1996, January 29, 1994 and January 25, 1992,
respectively.