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EXHIBIT 12
WOOLWORTH CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions)
39 weeks Fiscal Years Ended
ended ---------------------------------------------------------------------
Oct. 26, Jan. 27, Jan. 28, Jan. 29, Jan. 30, Jan. 25,
1996 1996 1995 1994 1993 1992
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EARNINGS
Net income (loss) $ 69 $(164) $ 47 $(495) $ 280 $ (53)
Income tax expense (benefit) 46 (69) 49 (303) 157 (30)
Gross interest expense, excluding
capitalized interest 58 124 110 86 94 99
Portion of rents deemed representative
of the interest factor (1/3) 56 224 211 210 199 192
----- ----- ----- ----- ----- -----
$ 229 $ 115 $ 417 $(502) $ 730 $ 208
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FIXED CHARGES
Gross interest expense $ 58 $ 124 $ 111 $ 86 $ 94 $ 99
Portion of rents deemed representative
of the interest factor (1/3) 56 224 211 210 199 192
----- ----- ----- ----- ----- -----
$ 114 $ 348 $ 322 $ 296 $ 293 $ 291
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RATIO OF EARNINGS TO FIXED
CHARGES 2.0 .3 1.3 -- 2.5 .7
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Earnings were 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.