1 EXHIBIT 12.1 Schedule of computation of ratio of earnings to fixed charges of The Kroger Co. and consolidated subsidiary companies and unconsolidated companies as if consolidated for the periods shown: Quarter Ended Fiscal Year Ended ------------------------ ----------------------------------------------------------------------- May 22, March 21, January 2, December 27, December 28, December 30, December 31, 1999 1998 1999 1997 1996 1995 1994 (16 weeks) (12 weeks) (53 weeks) (52 weeks) (52 weeks) (52 weeks) (52 weeks) ---------- ---------- ---------- ------------ ------------ ------------ ------------ (In millions of dollars) Earnings: Earnings before tax expense, and extraordinary loss..... $ 280 $ 83 $ 713 $ 713 $ 567 $ 510 $ 421 Fixed charges ............. 139 113 479 482 483 490 501 Capitalized interest ...... (2) (2) (8) (9) (11) (7) (3) ------- ------- ------- ------- ------- ------- ------- $ 417 $ 194 $ 1,184 $ 1,186 $ 1,039 $ 993 $ 919 ======= ======= ======= ======= ======= ======= ======= Fixed charges: Interest .................. $ 79 $ 66 $ 276 $ 295 $ 312 $ 320 $ 331 Portion of rental payments deemed to be interest ........ 60 47 203 187 171 170 170 ------- ------- ------- ------- ------- ------- ------- $ 139 $ 113 $ 479 $ 482 $ 483 $ 490 $ 501 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges ............. 3.0 1.7 2.5 2.5 2.2 2.0 1.8 Dollar deficiency of coverage .................. N/A N/A N/A N/A N/A N/A N/A