Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
26 Weeks Ended
-------------------- Fiscal Year(1)
August 3, August 4, -----------------------------------------------------
2002 2001 2001 2000 1999 1998 1997
--------- --------- --------- --------- --------- --------- ---------
Earnings
- ---------
Income before income taxes $ 371,398 $ 261,528 $ 799,864 $ 605,114 $ 421,112 $ 316,749 $ 235,063
Fixed charges (2) 75,980 68,603 142,244 116,753 82,835 63,135 57,446
Less interest capitalized during period (4,993) (2,914) (6,929) (3,478) (4,405) (1,878) (2,043)
--------- --------- --------- --------- --------- --------- ---------
$ 442,385 $ 327,217 $ 935,179 $ 718,389 $ 499,542 $ 378,006 $ 290,466
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Fixed Charges
- -------------
Interest (expensed or capitalized) (2) $ 31,833 $ 30,734 $ 63,506 $ 52,305 $ 33,813 $ 24,550 $ 26,304
Portion of rent expense
representative of interest 43,732 37,483 77,964 63,943 48,769 38,385 30,798
Amortization of deferred
financing fees 415 386 774 505 253 200 344
--------- --------- --------- --------- --------- --------- ---------
$ 75,980 $ 68,603 $ 142,244 $ 116,753 $ 82,835 $ 63,135 $ 57,446
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges 5.82 4.77 6.57 6.15 6.03 5.99 5.06
========= ========= ========= ========= ========= ========= =========
(1) Fiscal 2001, 1999, 1998 and 1997 were 52 week years and fiscal 2000 was a
53 week year.
(2) Interest expense for fiscal 1997 has been restated to properly reflect
interest expense included on the Consolidated Statements of Income.