<PAGE>
Exhibit 12.1
Kohl's Corporation
Ratio of Earnings to Fixed Charges
($000s)
<TABLE>
<CAPTION>
6 Months (26 Weeks) Ended
-------------------------
July 29, July 31, Fiscal Year (1)
-------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Earnings
--------
Income before income taxes and
extraordinary items $190,399 $137,933 $421,112 $316,749 $235,063 $171,368 $122,729
Fixed charges (3) 55,312 37,430 82,835 63,135 57,446 42,806 30,649
Less interest capitalized
during period (1,914) (1,728) (4,405) (1,878) (2,043) (2,829) (1,287)
-------- -------- -------- -------- -------- -------- --------
$243,797 $173,635 $499,542 $378,006 $290,466 $211,345 $152,091
======== ======== ======== ======== ======== ======== ========
Fixed Charges
-------------
Interest (expensed or capitalized)(3) $ 24,717 $ 14,459 $ 33,813 $ 24,650 $ 26,304 $ 20,574 $ 14,774
Portion of rent expense
representative of interest 30,414 22,842 48,769 38,386 30,788 22,031 15,798
Amortization of deferred
financing fees 181 129 253 200 344 201 77
-------- -------- -------- -------- -------- -------- --------
$ 55,312 $ 37,430 $ 82,835 $ 63,135 $ 57,446 $ 42,806 $ 30,649
======== ======== ======== ======== ======== ======== ========
Ration of earnings to fixed charges 4.41 4.64 6.03 5.99 5.06 4.94 4.96 (2)
======== ======== ======== ======== ======== ======== ========
</TABLE>
(1) Fiscal 1999, 1998, 1997 and 1996 are 52 week years and fiscal 1995 is a 53
week year.
(2) Excluding the credit operations non-recurring expense of $14,052, the ratio
of earnings to fixed charges would be 5.40.
(3) Interest expense for fiscal 1997, 1996, and 1995 has been restated to
properly reflect interest expense included on the Consolidated Statements
of Income.
