Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 29, 2007

Documents


Exhibit 12.1

WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges

 
Nine Months Ended
Fiscal Year
 
Oct. 31,
 
Oct. 31,
2007
2006
2005
2004
2003
2007
 
2006
Income from continuing operations before income taxes and minority interest
 $         13,858
 
 $         12,881
 $        18,968
 $        17,535
 $        16,320
 $        14,429
 $        12,490
Capitalized interest
               (109)
 
               (130)
              (182)
              (157)
              (120)
              (144)
              (124)
Minority interest
               (305)
 
               (254)
              (425)
              (324)
              (249)
              (214)
              (193)
Adjusted income before income taxes
            13,444
 
            12,497
           18,361
           17,054
           15,951
           14,071
           12,173
Fixed Charges:
 
 
 
 
 
 
 
 
Interest *
              1,622
 
              1,525
             2,009
             1,603
             1,326
             1,150
             1,185
Interest component of rent
                 300
 
                 246
                368
                328
                319
                306
                318
Total fixed charges
              1,922
 
              1,771
             2,377
             1,931
             1,645
             1,456
             1,503
Income from continuing operations before income taxes and fixed charges
 $         15,366
 
 $         14,268
 $        20,738
 $        18,985
 $        17,596
 $        15,527
 $        13,676
Ratio of earnings to fixed charges
                  8.0
 
                  8.1
                 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.