Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
39 Weeks Ended
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November 2, September 30, Fiscal Year (1)
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1996 1995 1995 1994 1993 1992 1991
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Earnings
- - --------
Income before income taxes and
extraordinary items $84,833 $51,634 $122,729 $117,451 $96,691 $50,134 $33,413
Fixed charges 31,104 22,398 30,770 19,758 16,144 21,503 30,922
Less interest capitalized
during period (1,882) (968) (1,287) (603) (376) 0 0
--------- -------- --------- -------- -------- ------- -------
$114,055 $73,064 $152,212 $136,606 $112,459 $71,637 $64,335
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Fixed Charges
- - -------------
Interest (expensed or capitalized) $15,076 $10,867 $14,895 $7,911 $6,253 $13,648 $24,797
Portion of rent expense
representative of interest 15,889 11,474 15,798 11,777 9,113 6,794 4,531
Amortization of deferred
financing fees 139 57 77 70 778 1,061 1,594
--------- -------- --------- -------- -------- ------- -------
$31,104 $22,398 $30,770 $19,758 $16,144 $21,503 $30,922
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Ratio of earnings to fixed charges 3.67 3.26 4.95 (2) 6.91 6.97 3.33 2.08
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(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.