RATIO OF EARNINGS TO FIXED CHARGES
Published on September 4, 2008
Exhibit
12.1
WAL-MART
STORES, INC. AND SUBSIDIARIES
Ratio
of Earnings to Fixed Charges
|
Six Months Ended
|
Fiscal
Year
|
|||||||||||||||||||||
|
July
31,
|
July
31,
|
2008
|
2007
|
2006
|
2005
|
2004
|
||||||||||||||||
|
2008
|
2007
|
|||||||||||||||||||||
|
Income
from continuing operations before income taxes and minority
interest
|
$ | 10,153 | $ | 9,312 | $ | 20,140 | $ | 18,954 | $ | 17,514 | $ | 16,289 | $ | 14,396 | ||||||||
|
Capitalized
interest
|
(48 | ) | (72 | ) | (150 | ) | (182 | ) | (157 | ) | (120 | ) | (144 | ) | ||||||||
|
Minority
interest
|
(252 | ) | (206 | ) | (406 | ) | (425 | ) | (324 | ) | (249 | ) | (214 | ) | ||||||||
|
Adjusted
income before income taxes
|
9,853 | 9,034 | 19,584 | 18,347 | 17,033 | 15,920 | 14,038 | |||||||||||||||
|
Fixed
Charges:
|
||||||||||||||||||||||
|
Interest
*
|
1,133 | 1,048 | 2,267 | 2,009 | 1,603 | 1,326 | 1,150 | |||||||||||||||
|
Interest
component of rent
|
205 | 209 | 464 | 368 | 328 | 319 | 306 | |||||||||||||||
|
Total
fixed charges
|
1,338 | 1,257 | 2,731 | 2,377 | 1,931 | 1,645 | 1,456 | |||||||||||||||
|
Income
from continuing before income taxes and fixed charges
|
$ | 11,191 | $ | 10,291 | $ | 22,315 | $ | 20,724 | $ | 18,964 | $ | 17,565 | $ | 15,494 | ||||||||
|
Ratio
of earnings to fixed charges (times)
|
8.4 | 8.2 | 8.2 | 8.7 | 9.8 | 10.7 | 10.6 | |||||||||||||||
*
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, the impact of our South Korean
and German operations, disposed of in fiscal 2007, and the impact of our Gazeley
operations disposed of in fiscal 2009, have been excluded for all periods
presented.