EX-12 2 dex12.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

 

     Three Months Ended
     Fiscal Year Ended
  
     April 30,
2004
    

April 30,

2003

     2004
     2003
     2002
     2001
     2000
  

Income from continuing operations before income taxes and minority interest

    $ 3,397     $ 2,878     $ 14,193     $ 12,368     $ 10,396     $ 9,783     $ 9,110  

Capitalized interest

      (30 )     (31 )     (144 )     (124 )     (130 )     (93 )     (57 )

Minority interest

      (42 )     (42 )     (214 )     (193 )     (183 )     (129 )     (170 )
    
 
 
 
 
 
 

Adjusted income from continuing operations before income taxes

      3,325       2,805       13,835       12,051       10,083       9,561       8,883 *

Fixed Charges:

                                                         

Interest **

      336       327       1,196       1,372       1,530       1,522       1,180  

Interest component of rent

      77       73       306       318       289       245       212  
    
 
 
 
 
 
 

Total fixed charges

      413       400       1,502       1,690       1,819       1,767       1,392  
    
 
 
 
 
 
 

Income from continuing operations before income taxes and fixed charges

    $ 3,738     $ 3,205     $ 15,337     $ 13,741     $ 11,902     $ 11,328     $ 10,275  
    
 
 
 
 
 
 

Ratio of earnings to fixed charges

      9.05       8.01       10.21       8.13       6.54       6.41       7.38  
* Does not include the cumulative effect of accounting change recorded by the Company in fiscal 2000.
** Includes interest on debt, capital leases, debt issuance costs and capitalized interest.

 

Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impacts of McLane as a discontinued operation have been removed for all periods presented.