Exhibit 12.1
Ratio of Earnings to Fixed Charges and Preference Dividends
| Fiscal 2017 | ||||||||||||||||||||||||
| July 30, 2016 | ||||||||||||||||||||||||
| (in millions, except ratios) | 26 Weeks | Fiscal 2016 |
Fiscal 2015 |
Fiscal 2014 |
Fiscal 2013 |
Fiscal 2012 |
||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Income before income taxes |
$ | 308.2 | $ | 657.8 | $ | 540.6 | $ | 566.5 | $ | 556.9 | $ | 502.1 | ||||||||||||
| Fixed charges |
109.6 | 221.1 | 190.3 | 111.9 | 108.9 | 109.2 | ||||||||||||||||||
| Amortization of capitalized interest |
— | — | — | — | — | — | ||||||||||||||||||
| Capitalized interest |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total earnings |
$ | 417.8 | $ | 878.9 | $ | 730.9 | $ | 678.4 | $ | 665.8 | $ | 611.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges: |
||||||||||||||||||||||||
| Interest expense, net(1) |
$ | 22.1 | $ | 42.3 | $ | 28.6 | $ | 3.6 | $ | 3.2 | $ | 3.4 | ||||||||||||
| Capitalized interest |
— | — | — | — | — | — | ||||||||||||||||||
| Amortization of debt discount and issuance costs(1) |
1.6 | 3.6 | 7.4 | 0.4 | 0.4 | 1.9 | ||||||||||||||||||
| Estimate of interest within rental expense(2) |
85.9 | 175.2 | 154.3 | 107.9 | 105.3 | 103.9 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
$ | 109.6 | $ | 221.1 | $ | 190.3 | $ | 111.9 | $ | 108.9 | $ | 109.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges |
3.81 | 3.98 | 3.84 | 6.06 | 6.11 | 5.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Preference dividends |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Fixed charges and preference dividends |
$ | 109.6 | $ | 221.1 | $ | 190.3 | $ | 111.9 | $ | 108.9 | $ | 109.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings to fixed charges and preference dividends |
3.81 | 3.98 | 3.84 | 6.06 | 6.11 | 5.60 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (1) | Total amount of interest expense, net reflected on the condensed consolidated income statements for the 13 and 26 weeks ended July 30, 2016 equals $11.9 million and $23.7 million, respectively. This includes $0.7 million and $1.6 million related to the amortization of debt discount and issuance costs for the 13 and 26 weeks ended July 30, 2016, respectively. |
| (2) | Interest within rental expense is estimated to be one-third of rental expense. |