EX-12 4 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

 

     Nine Months Ended
     Fiscal Year Ended
  
    

October 31,

2004

    

October 31,

2003

     2004
     2003
     2002
     2001
     2000
  

Income from continuing operations before income taxes and minority interest

    $ 11,104     $ 9,648     $ 14,193     $ 12,368     $ 10,396     $ 9,783     $ 9,110  

Capitalized interest

      (82 )     (85 )     (144 )     (124 )     (130 )     (93 )     (57 )

Minority interest

      (148 )     (131 )     (214 )     (193 )     (183 )     (129 )     (170 )
    
 
 
 
 
 
 

Adjusted income from continuing operations before income taxes *

      10,874       9,432       13,835       12,051       10,083       9,561       8,883  

Fixed Charges:

                                                         

Interest **

      933       811       1,157       1,191       1,491       1,486       1,107  

Interest component of rent

      239       216       306       318       289       245       212  
    
 
 
 
 
 
 

Total fixed charges

      1,172       1,027       1,463       1,509       1,780       1,731       1,319  
    
 
 
 
 
 
 

Income from continuing operations before income taxes and fixed charges

    $ 12,046     $ 10,459     $ 15,298     $ 13,560     $ 11,863     $ 11,292     $ 10,202  
    
 
 
 
 
 
 

Ratio of earnings to fixed charges

      10.28x       10.18x       10.46x       8.99x       6.66x       6.52x       7.73x  
* Does not include the cumulative effect of accounting change recorded by the Company in fiscal 2000.
** 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 as a discontinued operation has been removed for all periods presented.