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
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JAN. 30, JAN. 31, FEB. 1, FEB. 3, JAN. 28,
1999 1998 1997 1996 1995
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RATIO OF EARNINGS TO FIXED CHARGES:
Earnings:
Consolidated net earnings before extraordinary charges......... $ 962 $ 802 $ 474 $ 311 $ 434
Income taxes................................................... 594 524 309 190 280
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Total earnings before extraordinary charges.................. 1,556 1,326 783 501 714
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Fixed charges:
Interest expense............................................... 421 437 464 461 439
Interest portion of rental expense............................. 63 59 59 59 56
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Total fixed charges.......................................... 484 496 523 520 495
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Less:
Capitalized interest........................................... (16) (16) (16) (14) (7)
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Fixed charges in earnings...................................... 468 480 507 506 488
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Earnings available for fixed charges............................. $ 2,024 $ 1,806 $ 1,290 $ 1,007 $ 1,202
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Ratio of earnings before extraordinary charges to fixed
charges........................................................ 4.18 3.65 2.46 1.94 2.43
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Total fixed charges, as above.................................... $ 484 $ 496 $ 523 $ 520 $ 495
Dividends on preferred stock (pre-tax basis)..................... 32 35 37 37 39
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Total fixed charges and preferred stock dividends.............. 516 531 560 557 534
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Earnings available for fixed charges and preferred stock
dividends...................................................... $ 2,024 $ 1,806 $ 1,290 $ 1,007 $ 1,202
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Ratio of earnings before extraordinary charges to fixed charges
and preferred stock dividends.................................. 3.92 3.40 2.30 1.81 2.25
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