EX-12.1 5 dp41492_ex1201.htm EXHIBIT 12.1

Exhibit 12.1

L Brands, Inc.

Computation of Ratio of Earnings to Fixed Charges

		Fiscal Period Ended
		Twenty-six Weeks ended August 3, 2013				February 2, 2013				January 28, 2012				January 29, 2011				January 30, 2010				January 31, 2009
		(in millions)
Earnings:
Income before income taxes, noncontrolling interest and cumulative effect of change in accounting principle		$	517			$	1,280			$	1,226			$	1,251			$	650			$	449
Fixed charges (excluding capitalized interest)			212				426				354				329				357				297
Distributions from equity method investments, net of income or loss from equity investees			(3	)			11				--				(3	)			(5	)			102
Total earnings		$	726			$	1,717			$	1,580			$	1,577			$	1,002			$	848
Fixed charges:
Portion of minimum rent representative of interest		$	56			$	107			$	105			$	118			$	118			$	115
Interest on indebtedness (including capitalized interest)			156				317				246				208				238				184
Total fixed charges		$	212			$	424			$	351			$	326			$	356			$	299
Ratio of earnings to fixed charges			3.4				4.1				4.5				4.8				2.8				2.8

For the purpose of calculating the ratios of earnings to fixed charges, we calculate earnings by adding fixed charges and distributions from equity method investees, net of income or losses from equity method investees, to pre-tax income from continuing operations before noncontrolling interests in consolidated subsidiaries and cumulative effect of changes in accounting principle.  Fixed charges include total interest and a portion of rent expense, which we believe is representative of the interest factor of our rent expense. Interest associated with income tax liabilities is excluded from our calculation.