RATIO OF EARNINGS TO FIXED CHARGES
Published on September 10, 2007
Exhibit 12.1
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
| Six Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| July 31, 2007 |
July 31, 2006 |
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
| Income from continuing operations before income taxes and minority interest |
$ | 9,345 | $ | 8,840 | $ | 18,968 | $ | 17,535 | $ | 16,320 | $ | 14,429 | $ | 12,490 | ||||||||||||||
| Capitalized interest |
(72 | ) | (96 | ) | (182 | ) | (157 | ) | (120 | ) | (144 | ) | (124 | ) | ||||||||||||||
| Minority interest |
(206 | ) | (170 | ) | (425 | ) | (324 | ) | (249 | ) | (214 | ) | (193 | ) | ||||||||||||||
| Adjusted income before income taxes |
9,067 | 8,574 | 18,361 | 17,054 | 15,951 | 14,071 | 12,173 | |||||||||||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||||||
| Interest * |
1,048 | 1,001 | 2,009 | 1,603 | 1,326 | 1,150 | 1,185 | |||||||||||||||||||||
| Interest component of rent |
209 | 164 | 368 | 328 | 319 | 306 | 318 | |||||||||||||||||||||
| Total fixed charges |
1,257 | 1,165 | 2,377 | 1,931 | 1,645 | 1,456 | 1,503 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 10,324 | $ | 9,739 | $ | 20,738 | $ | 18,985 | $ | 17,596 | $ | 15,527 | $ | 13,676 | ||||||||||||||
| Ratio of earnings to fixed charges |
8.2 | 8.4 | 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.