EX-12 2 ex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges
Exhibit 12

WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
 
   
Nine Months Ended
  
Fiscal Year
  
   
October 31,
2005
  
October 31,
2004
  
2005
  
2004
  
2003
  
2002
  
2001
  
Income before income taxes and minority interest
  
$
11,818
  
$
11,104
  
$
16,105
  
$
14,193
  
$
12,368
  
$
10,396
  
$
9,783
  
Capitalized interest
    
(103
)
  
(82
)
  
(120
)
  
(144
)
  
(124
)
  
(130
)
  
(93
)
Minority interest
    
(210
)
  
(148
)
  
(249
)
  
(214
)
  
(193
)
  
(183
)
  
(129
)
Adjusted income before income taxes
    
11,505
    
10,874
    
15,736
    
13,835
    
12,051
    
10,083
    
9,561
  
Fixed Charges:
                                            
    Interest *
    
1,144
    
933
    
1,332
    
1,157
    
1,191
    
1,491
    
1,486
  
    Interest component of rent
    
257
    
239
    
319
    
306
    
318
    
289
    
245
  
        Total fixed charges
    
1,401
    
1,172
    
1,651
    
1,463
    
1,509
    
1,780
    
1,731
  
Income before income taxes and fixed charges
  
$
12,906
  
$
12,046
  
$
17,387
  
$
15,298
  
$
13,560
  
$
11,863
  
$
11,292
  
Ratio of earnings to fixed charges
    
9.2x
    
10.3x
    
10.5x
    
10.5x
    
9.0x
    
6.7x
    
6.5x
  
 
* Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.
 
Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impact of McLane Company, Inc., a wholly owned subsidiary sold in fiscal 2004, as a discontinued operation has been removed for all periods presented.