EX-12 2 fixedchgratio.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
 
   
Six Months Ended
  
Fiscal Year
  
   
July 31,
2006
  
July 31,
2005
  
2006
  
2005
  
2004
  
2003
  
2002
  
Income from continuing operations before income taxes and minority interest
  
$
8,840
  
$
8,217
  
$
17,533
  
$
16,320
  
$
14,429
  
$
12,490
  
$
10,666
  
Capitalized interest
    
(96
)
  
(57
)
  
(157
)
  
(120
)
  
(144
)
  
(124
)
  
(130
)
Minority interest
    
(170
)
  
(136
)
  
(322
)
  
(249
)
  
(214
)
  
(193
)
  
(183
)
Adjusted income before income taxes
    
8,574
    
8,024
    
17,054
    
15,951
    
14,071
    
12,173
    
10,353
  
Fixed Charges:
                                            
Interest *
    
1,001
    
683
    
1,603
    
1,326
    
1,150
    
1,185
    
1,485
  
Interest component of rent
    
164
    
165
    
328
    
319
    
306
    
318
    
289
  
Total fixed charges
    
1,165
    
848
    
1,931
    
1,645
    
1,456
    
1,503
    
1,774
  
Income from continuing before income taxes and fixed charges
  
$
9,739
  
$
8,872
  
$
18,985
  
$
17,596
  
$
15,527
  
$
13,676
  
$
12,127
  
Ratio of earnings to fixed charges
    
8.4x
    
10.5x
    
9.8x
    
10.7x
    
10.7x
    
9.1x
    
6.8x
  

 
* 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, and the impact of our South Korean and German operations, both under pending sale agreements, as discontinued operations have been removed for all periods presented.