Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
Fiscal Quarter Ended
-------------------- Fiscal Year (1)
May 4, April 29, -----------------------------------------------------------------
1996 1995 1995 1994 1993 1992 1991
------ -------- ---- ---- ---- ---- ----
Earnings
- - --------
Income before income taxes and
extraordinary items $23,206 $19,926 $122,729 $117,451 $ 96,691 $50,134 $33,413
Fixed charges 9,377 6,335 30,770 19,758 16,144 21,503 30,922
Less interest capitalized
during period (176) (327) (1,287) (603) (376) 0 0
-------- --------- -------- -------- -------- -------- --------
$32,407 $25,934 $152,212 $136,606 $112,459 $71,637 $64,335
======== ========= ======== ======== ======== ======== ========
Fixed Charges
- - -------------
Interest (expensed or capitalized) $4,443 $2,845 $14,895 $7,911 $6,253 $13,648 $24,797
Portion of rent expense
representative of interest 4,889 3,470 15,798 11,777 9,113 6,794 4,531
Amortization of deferred
financing fees 45 20 77 70 778 1,061 1,594
-------- --------- -------- -------- -------- -------- --------
$9,377 $6,335 $30,770 $19,758 $16,144 $21,503 $30,922
======== ========= ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 3.46 4.09 4.95(2) 6.91 6.97 3.33 2.08
======== ========= ======== ======== ======== ======== ========
(1) Fiscal 1994, 1993 and 1992 are 52 week years and fiscal 1995 and 1991 are 53
week years.
(2) Excluding the credit operations non-recurring expense of
$14,052, the ratio of earnings to fixed charges would be 5.40.