EX-12.1 2 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES dex121.htm

Exhibit 12.1

WAL-MART STORES, INC.
Ratio of Earnings to Fixed Charges
 
 
Three Months Ended
Fiscal Year
(Amounts in millions)
April 30,
  
April 30,
2009
2008
2007
2006
2005
2009
  
2008
Income from continuing operations before income taxes
 $            4,750
  
 $             4,821
 $       20,898
 $        20,158
 $        18,968
 $        17,513
 $        16,289
Capitalized interest
                   (27)
  
                   (29)
                (88)
              (150)
              (182)
              (157)
              (120)
Consolidated net income attributable to the noncontrolling interest
                 (117)
  
                 (122)
              (499)
              (406)
              (425)
              (324)
              (249)
Adjusted income from continuing operations before income taxes
               4,606
  
                4,670
          20,311
           19,602
           18,361
           17,032
           15,920
Fixed Charges:
                
Interest *
                  542
  
                   590
            2,267
             2,267
             2,009
             1,603
             1,326
Interest component of rent
                  103
  
                   104
               406
                464
                368
                328
                319
Total fixed charges
                  645
  
                   694
            2,673
             2,731
             2,377
             1,931
             1,645
Income from continuing operations before income taxes and fixed charges
 $            5,251
  
 $             5,364
 $       22,984
 $        22,333
 $        20,738
 $        18,963
 $        17,565
Ratio of earnings to fixed charges (times)
                   8.1
  
                    7.7
                8.6
                 8.2
                 8.7
                 9.8
               10.7
                 
* Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.
      
 
Financial information for fiscal years 2006, 2007 and 2008 has been restated to reflect the impact of the following activities in fiscal 2009:
·  
The closure and disposition of 23 stores and other properties of The Seiyu, Ltd. (“Seiyu”) in Japan under a restructuring plan; and
·  
The sale of Gazeley Limited (“Gazeley”), a property development subsidiary in the United Kingdom.

Financial information for fiscal year 2005 has not been restated to reflect the impact of these activities as the adjustments are immaterial.

Financial information for fiscal years 2005 and 2006 has been restated to reflect the disposition of our South Korean and German operations that occurred in fiscal 2007.