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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Fiscal Year Ended August
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1999 2000 2001 2001* 2002 2003
(52 weeks) (52 weeks) (52 weeks) (52 weeks) (53 weeks) (52 weeks)
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Earnings:
Income before income taxes $ 387,783 $ 435,190 $ 287,026 $ 443,826 $ 691,148 $ 833,007
Fixed charges 66,015 97,520 121,141 121,141 98,688 121,129
Less: Capitalized interest (2,762) (2,773) (1,380) (1,380) (437) (791)
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Adjusted earnings $ 451,036 $ 529,937 $ 406,787 $ 563,587 $ 789,399 $ 953,345
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Fixed charges:
Gross interest expense $ 47,117 $ 77,699 $ 100,291 $ 100,291 $ 78,183 $ 79,301
Amortization of debt origination fees 1,206 2,209 2,377 2,377 2,283 7,334
Interest portion of rent expense 17,692 17,612 18,473 18,473 18,222 34,494
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Total fixed charges $ 66,015 97,520 $ 121,141 $ 121,141 $ 98,688 $ 121,129
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Ratio of earnings to fixed charges 6.8 5.4 3.4 4.7 8.0 7.9
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Twenty-four week periods ended
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February 14, February 15,
2004 2003
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Earnings:
Income before income taxes $ 341,448 $ 297,086
Fixed charges 59,349 54,727
Less: Capitalized interest (284) (267)
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Adjusted earnings $ 400,513 $ 351,546
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Fixed charges:
Gross interest expense $ 39,558 $ 36,052
Amortization of debt origination fees 2,987 2,977
Interest portion of rent expense 16,804 15,698
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Total fixed charges $ 59,349 $ 54,727
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Ratio of earnings to fixed charges 6.7 6.4
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* Excludes the impact of the pretax restructuring and impairment charges of
$156.8 million in fiscal 2001.