EXHIBIT 12
----------
THE LIMITED, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands except ratio amounts)
Twenty-six Weeks Ended
---------------------------------
August 4, July 29,
2001 2000
--------------- --------------
Adjusted Earnings
-----------------
Pretax earnings $181,241 $251,523
Portion of minimum rent ($343,490 in 2001 and 114,497 113,591
$340,773 in 2000) representative of interest
Interest on indebtedness 16,696 26,679
Minority interest 16,989 26,756
--------------- --------------
Total earnings as adjusted $329,423 $418,549
=============== ==============
Fixed Charges
-------------
Portion of minimum rent representative of interest $114,497 $113,591
Interest on indebtedness 16,696 26,679
--------------- --------------
Total fixed charges $131,193 $140,270
=============== ==============
Ratio of earnings to fixed charges 2.51x 2.98x
=============== ==============