EXHIBIT 12
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THE LIMITED, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands)
Year Ended
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January 29, 2000 January 30, 1999 January 31, 1998 February 1, 1997 February 3, 1996
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Adjusted Earnings
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Pretax earnings $ 831,759 $2,351,494 $390,653 $ 675,088 $1,183,210
Portion of minimum rent ($671,960 in 1999, 223,987 229,747 246,162 237,419 223,100
$689,240 in 1998, $738,487 in 1997,
$712,258 in 1996, and $669,301 in 1995)
representative of interest
Interest on indebtedness 78,297 68,528 68,728 75,363 77,537
Minority interest 72,623 63,616 55,610 45,466 22,175
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Total earnings as adjusted $1,206,666 $2,713,385 $761,153 $1,033,336 $1,506,022
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Fixed Charges
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Portion of minimum rent representative of
interest $ 223,987 $ 229,747 $246,162 $ 237,419 $ 223,100
Interest on indebtedness 78,297 68,528 68,728 75,363 77,537
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Total fixed charges $ 302,284 $ 298,275 $314,890 $ 312,782 $ 300,637
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Ratio of earnings to fixed charges 3.99x 9.10x 2.42x 3.30x 5.01x
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