EX-12.1 4 rl-20160702x10qex121.htm EXHIBIT 12.1
EXHIBIT 12.1
RALPH LAUREN CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

|  | Three Months Ended |  | Fiscal Years Ended(a)
|  | July 2, 2016 |  | April 2, 2016 |  | March 28, 2015 |  | March 29, 2014 |  | March 30, 2013 |  | March 31, 2012
|  | (millions)
Earnings, as defined: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | (33 | ) |  | $ | 552 |  |  | $ | 987 |  |  | $ | 1,096 |  |  | $ | 1,089 |  |  | $ | 1,015 |
Add: |  |  |  |  |  |  |  |  |  |  |  |
Equity in losses of equity-method investees |  | 2 |  |  | 11 |  |  | 11 |  |  | 9 |  |  | 10 |  |  | 9 |
Fixed charges |  | 42 |  |  | 178 |  |  | 172 |  |  | 170 |  |  | 162 |  |  | 164 |
Subtract: |  |  |  |  |  |  |  |  |  |  |  |
Income attributable to noncontrolling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Earnings available to cover fixed charges |  | $ | 11 |  |  | $ | 741 |  |  | $ | 1,170 |  |  | $ | 1,275 |  |  | $ | 1,260 |  |  | $ | 1,188 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 3 |  |  | $ | 21 |  |  | $ | 17 |  |  | $ | 19 |  |  | $ | 19 |  |  | $ | 22 |
Interest component of rent expense |  | 39 |  |  | 157 |  |  | 155 |  |  | 151 |  |  | 143 |  |  | 142 |
Total fixed charges |  | $ | 42 |  |  | $ | 178 |  |  | $ | 172 |  |  | $ | 170 |  |  | $ | 162 |  |  | $ | 164 |
Ratio of earnings to fixed charges(b) |  | 0.3 |  |  | 4.2 |  |  | 6.8 |  |  | 7.5 |  |  | 7.8 |  |  | 7.3 |

(a) | Fiscal 2016 consisted of 53 weeks. All other fiscal years presented consisted of 52 weeks.

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