EX-12.1 2 rl-20151226x10qex121.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 26, 2015 |  | March 28, 2015 |  | March 29, 2014 |  | March 30, 2013 |  | March 31, 2012 |  | April 2, 2011
|  | (millions)
Earnings, as defined: |  |  |  |  |  |  |  |  |  |  |  |
Income before provision for income taxes |  | $ | 490 |  |  | $ | 987 |  |  | $ | 1,096 |  |  | $ | 1,089 |  |  | $ | 1,015 |  |  | $ | 825 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Equity in losses of equity-method investees |  | 7 |  |  | 11 |  |  | 9 |  |  | 10 |  |  | 9 |  |  | 8 |
Fixed charges |  | 132 |  |  | 172 |  |  | 170 |  |  | 162 |  |  | 164 |  |  | 124 |
Subtract: |  |  |  |  |  |  |  |  |  |  |  |
Income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Earnings available to cover fixed charges |  | $ | 629 |  |  | $ | 1,170 |  |  | $ | 1,275 |  |  | $ | 1,260 |  |  | $ | 1,188 |  |  | $ | 957 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 14 |  |  | $ | 17 |  |  | $ | 19 |  |  | $ | 19 |  |  | $ | 22 |  |  | $ | 18 |
Interest component of rent expense |  | 118 |  |  | 155 |  |  | 151 |  |  | 143 |  |  | 142 |  |  | 106 |
Total fixed charges |  | $ | 132 |  |  | $ | 172 |  |  | $ | 170 |  |  | $ | 162 |  |  | $ | 164 |  |  | $ | 124 |
Ratio of earnings to fixed charges(a) |  | 4.8 |  |  | 6.8 |  |  | 7.5 |  |  | 7.8 |  |  | 7.3 |  |  | 7.7 |

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