RATIO OF EARNINGS TO FIXED CHARGES
Published on June 1, 2007
Exhibit 12.1
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
| Three Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| Apr. 30, 2007 |
Apr. 30, 2006 |
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
| Income from continuing operations before income taxes and minority interest | $ | 4,458 | $ | 4,127 | $ | 18,968 | $ | 17,535 | $ | 16,320 | $ | 14,429 | $ | 12,490 | ||||||||||||||
| Capitalized interest |
(36 | ) | (45 | ) | (182 | ) | (157 | ) | (120 | ) | (144 | ) | (124 | ) | ||||||||||||||
| Minority interest |
(100 | ) | (79 | ) | (425 | ) | (324 | ) | (249 | ) | (214 | ) | (193 | ) | ||||||||||||||
| Adjusted income before income taxes |
4,322 | 4,003 | 18,361 | 17,054 | 15,951 | 14,071 | 12,173 | |||||||||||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||||||
| Interest * |
514 | 486 | 2,009 | 1,603 | 1,326 | 1,150 | 1,185 | |||||||||||||||||||||
| Interest component of rent |
91 | 82 | 368 | 328 | 319 | 306 | 318 | |||||||||||||||||||||
| Total fixed charges |
605 | 568 | 2,377 | 1,931 | 1,645 | 1,456 | 1,503 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 4,927 | $ | 4,571 | $ | 20,738 | $ | 18,985 | $ | 17,596 | $ | 15,527 | $ | 13,676 | ||||||||||||||
| Ratio of earnings to fixed charges |
8.1 | 8.0 | 8.7 | 9.8 | 10.7 | 10.7 | 9.1 | |||||||||||||||||||||
* Includes interest on debt, capital leases, uncertain tax positions, 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, and the impact of our South Korean and German operations, disposed of in fiscal 2007, have been removed for all periods presented.