Exhibit 12

WAL-MART STORES, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

 

		Six Months Ended						Fiscal Year
		July 31, 2006			July 31, 2005			2006			2005			2004			2003			2002
Income from continuing operations before income taxes and minority interest		$	8,840		$	8,217		$	17,533		$	16,320		$	14,429		$	12,490		$	10,666
Capitalized interest			(96	)		(57	)		(157	)		(120	)		(144	)		(124	)		(130	)
Minority interest			(170	)		(136	)		(322	)		(249	)		(214	)		(193	)		(183	)
Adjusted income before income taxes			8,574			8,024			17,054			15,951			14,071			12,173			10,353
Fixed Charges:
Interest *			1,001			683			1,603			1,326			1,150			1,185			1,485
Interest component of rent			164			165			328			319			306			318			289
Total fixed charges			1,165			848			1,931			1,645			1,456			1,503			1,774
Income from continuing before income taxes and fixed charges		$	9,739		$	8,872		$	18,985		$	17,596		$	15,527		$	13,676		$	12,127
Ratio of earnings to fixed charges			8.4x			10.5x			9.8x			10.7x			10.7x			9.1x			6.8x

 

* 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, and the impact of our South Korean and German operations, both under pending sale agreements, as discontinued operations have been removed for all periods presented.