<PAGE>
<TABLE>
										EXHIBIT 12(b)
							

							     COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES
									 AND PREFERRED SHARE DIVIDENDS
							       SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES
<CAPTION>

						 Twelve          Nine
						 Months          Months
						 Ended           Ended
						 Sept. 28,       Sept. 28,                        Year Ended
						 1996            1996
(millions, except ratios)                        (unaudited)     (unaudited)     1995      1994      1993      1992      1991
<S>                                                 <C>             <C>           <C>       <C>       <C>       <C>       <C>
Fixed Charges                                                                                                    
  Interest and amortization of debt discount                                                            
   and expense on all indebtedness                 $1,361          $1,013       $1,373    $1,279    $1,318    $1,389    $1,568 
    
  Add interest element implicit in rentals            128              99          119       114       105       165       155
						    1,489           1,112        1,492     1,393     1,423     1,554     1,723
  Preferred dividend factor                            49              36           89       234       209       120         7 
  Interest capitalized                                  4               4            4         1         3        23        22
Total fixed charges                                $1,542          $1,152       $1,585    $1,628    $1,635    $1,697    $1,752

Income (loss)                                                                                                    
  Income (loss) from continuing operations         $1,159            $704       $1,025      $857      $625   ($1,812)     $160
  Deduct undistributed net income (loss)                                                       
   of unconsolidated companies                         20              12            9        (7)        6        (4)      (11)
						    1,139             692        1,016       864       619   ( 1,808)      171
Add                                                                                                      
  Fixed charges (excluding interest capitalized                                                                 
   and preferred dividend factor)                   1,489           1,112        1,492     1,393     1,423     1,554     1,723
  Income taxes (benefit)                              793             468          703       614       329   ( 1,039)      126
    Income (loss) before fixed charges and                                                                   
     income taxes                                  $3,421          $2,272       $3,211    $2,871    $2,371   ($1,293)   $2,020

Ratio of income to combined fixed charges                                                                                       
 and preferred share dividends                       2.22            1.97         2.03      1.76      1.45      (A)       1.15

<FN>                                                                            
(A) As a result of the loss for the year ended December 31, 1992, earnings did not cover fixed charges by $2,990 million. 
</FN>                                                                                                 
</TABLE>