1 EXHIBIT 12 VENATOR GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) ($ in millions) 13-weeks ended Fiscal Years Ended ------------------- ------------------------------------------------------ May 1, May 2, Jan. 30, Jan. 31, Jan. 25, Jan.27, Jan. 28, 1999 1998 1999 1998 1997 1996 1995 ------ ------ -------- -------- -------- ------- -------- NET EARNINGS Income (loss) from continuing operations, after-tax ............... $(11) 8 3 213 209 29 23 Income tax expense (benefit) .......... (8) 6 (42) 120 139 34 41 Interest expense, excluding capitalized interest ............................ 15 11 57 36 53 91 85 Portion of rents deemed representative of the interest factor (1/3) ......... 45 41 180 163 162 157 150 ---- --- ---- --- --- --- --- $ 41 66 198 532 563 311 299 ==== === ==== === === === === FIXED CHARGES Gross interest expense ................ $ 16 12 64 36 53 91 85 Portion of rents deemed representative of the interest factor (1/3) ......... 45 41 180 163 162 157 150 ---- --- ---- --- --- --- --- $ 61 53 244 199 215 248 235 ==== === ==== === === === === RATIO OF EARNINGS TO FIXED CHARGES .... 0.7 1.2 0.8 2.7 2.6 1.3 1.3 ---- --- ---- --- --- --- --- Earnings were not adequate to cover fixed charges by $20 for the first quarter ended May 1, 1999 and by $46 million for the fiscal year ended January 30, 1999.