EX-12.1 2 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

WAL-MART STORES, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

 

     Three Months Ended     Fiscal Year  
   Apr. 30,
2007
    Apr. 30,
2006
    2007     2006     2005     2004     2003  
Income from continuing operations before income taxes and minority interest    $ 4,458     $ 4,127     $ 18,968     $ 17,535     $ 16,320     $ 14,429     $ 12,490  

Capitalized interest

     (36 )     (45 )     (182 )     (157 )     (120 )     (144 )     (124 )

Minority interest

     (100 )     (79 )     (425 )     (324 )     (249 )     (214 )     (193 )
                                                        

Adjusted income before income taxes

     4,322       4,003       18,361       17,054       15,951       14,071       12,173  
                                                        

Fixed Charges:

              

Interest *

     514       486       2,009       1,603       1,326       1,150       1,185  

Interest component of rent

     91       82       368       328       319       306       318  
                                                        

Total fixed charges

     605       568       2,377       1,931       1,645       1,456       1,503  
                                                        

Income from continuing operations before income taxes and fixed charges

   $ 4,927     $ 4,571     $ 20,738     $ 18,985     $ 17,596     $ 15,527     $ 13,676  
                                                        

Ratio of earnings to fixed charges

     8.1       8.0       8.7       9.8       10.7       10.7       9.1  

* Includes interest on debt, capital leases, uncertain tax positions, 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, disposed of in fiscal 2007, have been removed for all periods presented.