RATIO OF EARNINGS TO FIXED CHARGES
Published on December 2, 2005
Exhibit
12
WAL-MART
STORES, INC. AND SUBSIDIARIES
Ratio
of Earnings to Fixed Charges
|
Nine Months
Ended
|
Fiscal
Year
|
|||||||||||||||||||||
|
October 31,
2005
|
October 31,
2004
|
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||||||
|
Income
before income taxes and minority interest
|
$
|
11,818
|
$
|
11,104
|
$
|
16,105
|
$
|
14,193
|
$
|
12,368
|
$
|
10,396
|
$
|
9,783
|
||||||||
|
Capitalized
interest
|
(103
|
)
|
(82
|
)
|
(120
|
)
|
(144
|
)
|
(124
|
)
|
(130
|
)
|
(93
|
)
|
||||||||
|
Minority
interest
|
(210
|
)
|
(148
|
)
|
(249
|
)
|
(214
|
)
|
(193
|
)
|
(183
|
)
|
(129
|
)
|
||||||||
|
Adjusted
income before income taxes
|
11,505
|
10,874
|
15,736
|
13,835
|
12,051
|
10,083
|
9,561
|
|||||||||||||||
|
Fixed
Charges:
|
||||||||||||||||||||||
|
Interest
*
|
1,144
|
933
|
1,332
|
1,157
|
1,191
|
1,491
|
1,486
|
|||||||||||||||
|
Interest
component of rent
|
257
|
239
|
319
|
306
|
318
|
289
|
245
|
|||||||||||||||
|
Total
fixed charges
|
1,401
|
1,172
|
1,651
|
1,463
|
1,509
|
1,780
|
1,731
|
|||||||||||||||
|
Income
before income taxes and fixed charges
|
$
|
12,906
|
$
|
12,046
|
$
|
17,387
|
$
|
15,298
|
$
|
13,560
|
$
|
11,863
|
$
|
11,292
|
||||||||
|
Ratio
of earnings to fixed charges
|
9.2x
|
10.3x
|
10.5x
|
10.5x
|
9.0x
|
6.7x
|
6.5x
|
|||||||||||||||
* 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 Company, Inc., a wholly
owned subsidiary sold in fiscal 2004, as a discontinued operation has been
removed for all periods presented.