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<PAGE> 1
SHOPKO STORES, INC. AND SUBSIDIARIES
EXHIBIT 12 - STATEMENTS RE COMPUTATION OF RATIOS
(IN THOUSANDS)
<TABLE>
<CAPTION>
First Quarter Ended
---------------------------------
April 29, May 1,
2000 1999
(13 Weeks) (13 Weeks)
---------------------------------
<S> <C> <C> <C>
Ratio of Earnings to Fixed Charges
-------------------------------------
COMPUTATION OF EARNINGS
1 Earnings from continuing operations
before income taxes $ 1,785 $ 3,001
2 Add previously capitalized interest
amortized during the period 145 142
3 Less interest capitalized during
the period 412 74
------------ ------------
4 Total earnings (sum of lines 1 to 3) 1,518 3,069
COMPUTATION OF FIXED CHARGES
5 Interest (1) 14,995 9,939
6 Interest factor in rental expense 1,368 456
------------ ------------
7 Total fixed charges (sum of lines
5 and 6) 16,363 10,395
8 TOTAL EARNINGS AND
FIXED CHARGES (LINE 4
PLUS LINE 7) $ 17,881 $ 13,464
============ ============
9 Ratio (line 8 divided by line 7) 1.1 1.3
</TABLE>
(1) Includes capitalized interest
20
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