1 EXHIBIT 12 VENATOR GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) ($ in millions) 39-weeks ended Fiscal Years Ended ------------------- ------------------------------------------------- Oct. 30, Oct. 31, 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 ............... $ (45) (26) 3 213 209 29 23 Income tax expense (benefit) .......... (29) (26) (42) 120 139 34 41 Interest expense, excluding capitalized interest ............................ 51 44 57 36 53 91 85 Portion of rents deemed representative of the interest factor (1/3) ........ 135 123 180 163 162 157 150 ----- ----- ----- ----- ----- ----- ----- $ 112 115 198 532 563 311 299 ===== ===== ===== ===== ===== ===== ===== FIXED CHARGES Gross interest expense ................ $ 52 49 64 36 53 91 85 Portion of rents deemed representative of the interest factor (1/3) ........ 135 123 180 163 162 157 150 ----- ----- ----- ----- ----- ----- ----- $ 187 172 244 199 215 248 235 ===== ===== ===== ===== ===== ===== ===== RATIO OF EARNINGS TO FIXED CHARGES ............................. 0.6 0.7 0.8 2.7 2.6 1.3 1.3 ----- ----- ----- ----- ----- ----- ----- Earnings were not adequate to cover fixed charges by $75 million and by $57 million for the thirty-nine weeks ended October 30, 1999 and October 31, 1998, respectively, and by $46 million for the fiscal year ended January 30, 1999.