RATIO OF EARNINGS TO FIXED CHARGES
Published on September 3, 2004
Exhibit 12
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
|
Six Months Ended |
Fiscal Year Ended |
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|
July 31, 2004 |
July 31, 2003 |
2004 |
2003 |
2002 |
2001 |
2000 |
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| Income from continuing operations before income taxes and minority interest |
$ | 7,561 | $ | 6,454 | $ | 14,193 | $ | 12,368 | $ | 10,396 | $ | 9,783 | $ | 9,110 | ||||||||||||||
| Capitalized interest |
(55 | ) | (62 | ) | (144 | ) | (124 | ) | (130 | ) | (93 | ) | (57 | ) | ||||||||||||||
| Minority interest |
(98 | ) | (83 | ) | (214 | ) | (193 | ) | (183 | ) | (129 | ) | (170 | ) | ||||||||||||||
| Adjusted income from continuing operations before income taxes * |
7,408 | 6,309 | 13,835 | 12,051 | 10,083 | 9,561 | 8,883 | |||||||||||||||||||||
| Fixed Charges: |
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| Interest ** |
599 | 551 | 1,157 | 1,191 | 1,491 | 1,486 | 1,107 | |||||||||||||||||||||
| Interest component of rent |
156 | 151 | 306 | 318 | 289 | 245 | 212 | |||||||||||||||||||||
| Total fixed charges |
755 | 702 | 1,463 | 1,509 | 1,780 | 1,731 | 1,319 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 8,163 | $ | 7,011 | $ | 15,298 | $ | 13,560 | $ | 11,863 | $ | 11,292 | $ | 10,202 | ||||||||||||||
| Ratio of earnings to fixed charges |
10.81 | 9.99 | 10.46 | 8.99 | 6.66 | 6.52 | 7.73 | |||||||||||||||||||||
| * | 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.