Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
39 Weeks Ended
--------------
Nov 3, Oct 28, Fiscal Year (1)
----------------------------------------------------------
2001 2000 2000 1999 1998 1997 1996
---- ---- ---- ---- ---- ---- ----
Earnings
- --------
Income before income taxes $423,712 $315,396 $605,114 $421,112 $316,749 $235,063 $171,368
Fixed charges (2) 104,226 75,041 116,753 82,835 63,135 57,446 42,806
Less interest capitalized during period (4,461) (2,424) (3,478) (4,405) (1,878) (2,043) (2,829)
--------- --------- --------- --------- --------- --------- ---------
$523,477 $388,013 $718,389 $499,542 $378,006 $290,466 $211,345
========= ========= ========= ========= ========= ========= =========
Fixed Charges
- -------------
Interest (expensed or capitalized) (2) $ 46,419 $ 32,219 $ 52,305 $ 33,813 $ 24,550 $ 26,304 $ 20,574
Portion of rent expense representative
of interest 57,220 42,485 63,943 48,769 38,385 30,798 22,031
Amortization of deferred financing fees 587 337 505 253 200 344 201
--------- --------- --------- --------- --------- --------- ---------
$104,226 $ 75,041 $116,753 $ 82,835 $ 63,135 $ 57,446 $ 42,806
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges 5.02 5.17 6.15 6.03 5.99 5.06 4.94
========= ========= ========= ========= ========= ========= =========
(1) Fiscal 2001, 1999, 1998, 1997 and 1996 were 52 week years and fiscal 2000
was a 53 week year.
(2) Interest expense for fiscal 1997 and 1996 has been restated to properly
reflect interest expense included on the Consolidated Statements of Income.