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

 

     Six Months Ended
     Fiscal Year Ended
  
     July 31,
2004
     July 31,
2003
     2004
     2003
     2002
     2001
     2000
  

Income from continuing operations before income taxes and minority interest

    $ 7,561     $ 6,454     $ 14,193     $ 12,368     $ 10,396     $ 9,783     $ 9,110  

Capitalized interest

      (55 )     (62 )     (144 )     (124 )     (130 )     (93 )     (57 )

Minority interest

      (98 )     (83 )     (214 )     (193 )     (183 )     (129 )     (170 )
    
 
 
 
 
 
 

Adjusted income from continuing operations before income taxes *

      7,408       6,309       13,835       12,051       10,083       9,561       8,883  

Fixed Charges:

                                                         

Interest **

      599       551       1,157       1,191       1,491       1,486       1,107  

Interest component of rent

      156       151       306       318       289       245       212  
    
 
 
 
 
 
 

Total fixed charges

      755       702       1,463       1,509       1,780       1,731       1,319  
    
 
 
 
 
 
 

Income from continuing operations before income taxes and fixed charges

    $ 8,163     $ 7,011     $ 15,298     $ 13,560     $ 11,863     $ 11,292     $ 10,202  
    
 
 
 
 
 
 

Ratio of earnings to fixed charges

      10.81       9.99       10.46       8.99       6.66       6.52       7.73  
* 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.