EX-12.1 2 rl-20141227x10qex121.htm EXHIBIT 12.1
EXHIBIT 12.1
RALPH LAUREN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

| Nine Months Ended |  | Fiscal Years Ended
| December 27, 2014 |  | March 29, 2014 |  | March 30, 2013 |  | March 31, 2012 |  | April 2, 2011 |  | April 3, 2010
| (millions)
Earnings, as defined: |  |  |  |  |  |  |  |  |  |  |
Income before provision for income taxes | $ | 814 |  |  | $ | 1,096 |  |  | $ | 1,089 |  |  | $ | 1,015 |  |  | $ | 825 |  |  | $ | 689 |
Add: |  |  |  |  |  |  |  |  |  |  |
Equity in losses of equity-method investees | 9 |  |  | 9 |  |  | 10 |  |  | 9 |  |  | 8 |  |  | 6 |
Fixed charges | 128 |  |  | 170 |  |  | 162 |  |  | 164 |  |  | 124 |  |  | 111 |
Subtract: |  |  |  |  |  |  |  |  |  |  |
Income attributable to noncontrolling interests | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Earnings available to cover fixed charges | $ | 951 |  |  | $ | 1,275 |  |  | $ | 1,260 |  |  | $ | 1,188 |  |  | $ | 957 |  |  | $ | 806 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |
Interest expense | $ | 12 |  |  | $ | 19 |  |  | $ | 19 |  |  | $ | 22 |  |  | $ | 18 |  |  | $ | 22 |
Interest component of rent expense | 116 |  |  | 151 |  |  | 143 |  |  | 142 |  |  | 106 |  |  | 89 |
Total fixed charges | $ | 128 |  |  | $ | 170 |  |  | $ | 162 |  |  | $ | 164 |  |  | $ | 124 |  |  | $ | 111 |
Ratio of earnings to fixed charges(a) | 7.4 |  |  | 7.5 |  |  | 7.8 |  |  | 7.3 |  |  | 7.7 |  |  | 7.2 |

(a) | All ratios shown in the above table have been calculated using unrounded numbers.