Exhibit 12.1
KOHL'S CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
($000s)
Fiscal Year (1)
------------------------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Earnings
- --------
Income before income taxes $316,749 $235,063 $171,368 $122,729 $117,451
Fixed charges (3) 63,135 57,446 42,806 30,649 19,758
Less interest capitalized
during period (1,878) (2,043) (2,829) (1,287) (603)
-------- -------- -------- -------- --------
$378,006 $290,466 $211,345 $152,091 $136,606
======== ======== ======== ======== ========
Fixed Charges
- -------------
Interest (expensed or capitalized) (3) $ 24,550 $ 26,304 $ 20,574 $ 14,774 $ 7,911
Portion of rent expense
representative of interest 38,385 30,798 22,031 15,798 11,777
Amortization of deferred
financing fees 200 344 201 77 70
-------- -------- -------- -------- --------
$ 63,135 $ 57,446 $ 42,806 $ 30,649 $ 19,758
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 5.99 5.06 4.94 4.96 (2) 6.91
======== ======== ======== ======== ========
(1) Fiscal 1998, 1997, 1996 and 1994 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.
(3) Interest expense for fiscal 1997, 1996, and 1995 has been restated to
properly reflect interest expense included on the Consolidated Statements
of Income.