EXHIBIT (12)
DAYTON HUDSON CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES AND
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
Fiscal Year Ended
---------------------------------------------------------
JAN. 31, Feb. 1, Feb. 3, Jan. 28, Jan. 29,
1998 1997 1996 1995 1994
-------- ------- ------- -------- --------
RATIO OF EARNINGS TO FIXED CHARGES:
Earnings:
Consolidated net earnings before extraordinary
charge................................................ $ 801 $ 474 $ 311 $ 434 $ 375
Income taxes............................................ 524 309 190 280 232
------ ------ ------ ------ ------
Total earnings before extraordinary charge............ 1,326 783 501 714 607
------ ------ ------ ------ ------
Fixed charges:
Interest expense........................................ 437 464 461 439 459
Interest portion of rental expense...................... 59 59 59 56 45
------ ------ ------ ------ ------
Total fixed charges................................... 495 523 520 495 504
------ ------ ------ ------ ------
Less:
Capitalized interest.................................... (16) (16) (14) (7) (5)
------ ------ ------ ------ ------
Fixed charges in earnings............................. 480 507 506 488 499
------ ------ ------ ------ ------
Earnings available for fixed charges.................... $1,806 $1,290 $1,007 $1,202 $1,106
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Ratio of earnings before extraordinary charge
to fixed charges...................................... 3.65 2.46 1.94 2.43 2.19
------ ------ ------ ------ ------
------ ------ ------ ------ ------
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS:
Total fixed charges, as above........................... $ 495 $ 523 $ 520 $ 495 $ 504
Dividends on preferred stock
(pre-tax basis)........................................ 27 37 37 39 39
------ ------ ------ ------ ------
Total fixed charges and preferred
stock dividends..................................... 531 560 557 534 543
------ ------ ------ ------ ------
Earnings available for fixed charges
and preferred stock dividends.......................... $1,806 $1,290 $1,007 $1,202 $1,106
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Ratio of earnings before extraordinary charge to
fixed charges and preferred stock dividends............ 3.40 2.30 1.81 2.25 2.04
------ ------ ------ ------ ------
------ ------ ------ ------ ------