EXHIBIT
Published on September 6, 2012
Exhibit 12.1
Wal-Mart Stores, Inc.
Ratio of Earnings to Fixed Charges
Six Months Ended |
Fiscal Year Ended |
||||||||||||||||||||||||||
July 31, |
January 31, |
||||||||||||||||||||||||||
(Dollar amounts in millions) |
2012 |
2011 |
2012 |
2011 |
2010 |
2009 |
2008 |
||||||||||||||||||||
Income from continuing operations before income taxes |
$ |
12,045 |
$ |
11,183 |
$ |
24,398 |
$ |
23,538 |
$ |
22,118 |
$ |
20,867 |
$ |
20,122 |
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Capitalized interest |
(39 |
) |
(29 |
) |
(60 |
) |
(63 |
) |
(85 |
) |
(88 |
) |
(150 |
) |
|||||||||||||
Consolidated net income attributable to the noncontrolling interest |
(297 |
) |
(287 |
) |
(688 |
) |
(604 |
) |
(513 |
) |
(499 |
) |
(406 |
) |
|||||||||||||
Adjusted income from continuing operations before income taxes |
11,709 |
10,867 |
23,650 |
22,871 |
21,520 |
20,280 |
19,566 |
||||||||||||||||||||
Fixed charges: |
|||||||||||||||||||||||||||
Interest (1)
|
1,167 |
1,191 |
2,382 |
2,268 |
2,160 |
2,267 |
2,267 |
||||||||||||||||||||
Interest component of rent |
412 |
354 |
790 |
651 |
597 |
406 |
464 |
||||||||||||||||||||
Total fixed charges |
1,579 |
1,545 |
3,172 |
2,919 |
2,757 |
2,673 |
2,731 |
||||||||||||||||||||
Income from continuing operations before income taxes and fixed charges |
$ |
13,288 |
$ |
12,412 |
$ |
26,822 |
$ |
25,790 |
$ |
24,277 |
$ |
22,953 |
$ |
22,297 |
|||||||||||||
Ratio of earnings to fixed charges |
8.4 |
8.0 |
8.5 |
8.8 |
8.8 |
8.6 |
8.2 |
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(1) Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.