Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
26 Weeks Ended
-------------- Fiscal Year (1)
Aug 1, Aug 2, ---------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---- ---- ---- ---- ---- ---- ----
Earnings
- --------
Income before income taxes and
extraordinary items $ 95,876 $60,148 $235,063 $171,368 $122,729 $117,451 $ 96,691
Fixed charges 30,392 28,656 57,683 44,054 30,770 19,758 16,144
Less interest capitalized
during period (907) (1,118) (2,043) (2,829) (1,287) (603) (376)
-------- ------- -------- -------- -------- -------- --------
$125,361 $87,686 $290,703 $212,593 $152,212 $136,606 $112,459
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Fixed Charges
- -------------
Interest (expensed or capitalized) $12,087 $14,082 $26,541 $21,822 $14,895 $7,911 $6,253
Portion of rent expense
representative of interest 18,205 14,331 30,798 22,031 15,798 11,777 9,113
Amortization of deferred
financing fees 100 243 344 201 77 70 778
-------- ------- -------- -------- -------- -------- --------
$30,392 $28,656 $57,683 $44,054 $30,770 $19,758 $16,144
======== ======= ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 4.12 3.06 5.04 4.83 4.95 (2) 6.91 6.97
======== ======= ======== ======== ======== ======== ========
(1) Fiscal 1997, 1996, 1994 and 1993 are 52 week years and fiscal 1995 is a 53
week year.
(2) Excluding the credit operations non-recurring expense of $14,052, the ratio
of earnings to fixed charges would be 5.40.