RATIO OF EARNINGS TO FIXED CHARGES
Published on June 4, 2004
Exhibit 12
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
|
Three Months Ended |
Fiscal Year Ended |
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|
April 30, 2004 |
April 30, 2003 |
2004 |
2003 |
2002 |
2001 |
2000 |
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| Income from continuing operations before income taxes and minority interest |
$ | 3,397 | $ | 2,878 | $ | 14,193 | $ | 12,368 | $ | 10,396 | $ | 9,783 | $ | 9,110 | ||||||||||||||
| Capitalized interest |
(30 | ) | (31 | ) | (144 | ) | (124 | ) | (130 | ) | (93 | ) | (57 | ) | ||||||||||||||
| Minority interest |
(42 | ) | (42 | ) | (214 | ) | (193 | ) | (183 | ) | (129 | ) | (170 | ) | ||||||||||||||
| Adjusted income from continuing operations before income taxes |
3,325 | 2,805 | 13,835 | 12,051 | 10,083 | 9,561 | 8,883 | * | ||||||||||||||||||||
| Fixed Charges: |
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| Interest ** |
336 | 327 | 1,196 | 1,372 | 1,530 | 1,522 | 1,180 | |||||||||||||||||||||
| Interest component of rent |
77 | 73 | 306 | 318 | 289 | 245 | 212 | |||||||||||||||||||||
| Total fixed charges |
413 | 400 | 1,502 | 1,690 | 1,819 | 1,767 | 1,392 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 3,738 | $ | 3,205 | $ | 15,337 | $ | 13,741 | $ | 11,902 | $ | 11,328 | $ | 10,275 | ||||||||||||||
| Ratio of earnings to fixed charges |
9.05 | 8.01 | 10.21 | 8.13 | 6.54 | 6.41 | 7.38 | |||||||||||||||||||||
| * | Does not include the cumulative effect of accounting change recorded by the Company in fiscal 2000. |
| ** | Includes interest on debt, capital leases, debt issuance costs and capitalized interest. |
Certain reclassifications have been made to prior periods to conform to the current period presentation. In addition, the impacts of McLane as a discontinued operation have been removed for all periods presented.