RATIO OF EARNINGS TO FIXED CHARGES
Published on December 3, 2004
Exhibit 12
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
|
Nine Months Ended |
Fiscal Year Ended |
|||||||||||||||||||||||||||
| October 31, 2004 |
October 31, 2003 |
2004 |
2003 |
2002 |
2001 |
2000 |
||||||||||||||||||||||
| Income from continuing operations before income taxes and minority interest |
$ | 11,104 | $ | 9,648 | $ | 14,193 | $ | 12,368 | $ | 10,396 | $ | 9,783 | $ | 9,110 | ||||||||||||||
| Capitalized interest |
(82 | ) | (85 | ) | (144 | ) | (124 | ) | (130 | ) | (93 | ) | (57 | ) | ||||||||||||||
| Minority interest |
(148 | ) | (131 | ) | (214 | ) | (193 | ) | (183 | ) | (129 | ) | (170 | ) | ||||||||||||||
| Adjusted income from continuing operations before income taxes * |
10,874 | 9,432 | 13,835 | 12,051 | 10,083 | 9,561 | 8,883 | |||||||||||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||||||
| Interest ** |
933 | 811 | 1,157 | 1,191 | 1,491 | 1,486 | 1,107 | |||||||||||||||||||||
| Interest component of rent |
239 | 216 | 306 | 318 | 289 | 245 | 212 | |||||||||||||||||||||
| Total fixed charges |
1,172 | 1,027 | 1,463 | 1,509 | 1,780 | 1,731 | 1,319 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 12,046 | $ | 10,459 | $ | 15,298 | $ | 13,560 | $ | 11,863 | $ | 11,292 | $ | 10,202 | ||||||||||||||
| Ratio of earnings to fixed charges |
10.28x | 10.18x | 10.46x | 8.99x | 6.66x | 6.52x | 7.73x | |||||||||||||||||||||
| * | Does not include the cumulative effect of accounting change recorded by the Company in fiscal 2000. |
| ** | 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 as a discontinued operation has been removed for all periods presented.