RATIO OF EARNINGS TO FIXED CHARGES
Published on June 9, 2008
Exhibit 12.1
WAL-MART STORES, INC. AND SUBSIDIARIES
Ratio of Earnings to Fixed Charges
| Three Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| Apr. 30, 2008 |
Apr. 30, 2007 |
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||||||
| Income before income taxes and minority interest |
$ | 4,814 | $ | 4,458 | $ | 20,198 | $ | 18,968 | $ | 17,535 | $ | 16,320 | $ | 14,429 | ||||||||||||||
| Capitalized interest |
(29 | ) | (36 | ) | (150 | ) | (182 | ) | (157 | ) | (120 | ) | (144 | ) | ||||||||||||||
| Minority interest |
(122 | ) | (100 | ) | (406 | ) | (425 | ) | (324 | ) | (249 | ) | (214 | ) | ||||||||||||||
| Adjusted income before income taxes |
4,663 | 4,322 | 19,642 | 18,361 | 17,054 | 15,951 | 14,071 | |||||||||||||||||||||
| Fixed Charges: |
||||||||||||||||||||||||||||
| Interest * |
590 | 514 | 2,267 | 2,009 | 1,603 | 1,326 | 1,150 | |||||||||||||||||||||
| Interest component of rent |
104 | 91 | 464 | 368 | 328 | 319 | 306 | |||||||||||||||||||||
| Total fixed charges |
694 | 605 | 2,731 | 2,377 | 1,931 | 1,645 | 1,456 | |||||||||||||||||||||
| Income before income taxes and fixed charges |
$ | 5,357 | $ | 4,927 | $ | 22,373 | $ | 20,738 | $ | 18,985 | $ | 17,596 | $ | 15,527 | ||||||||||||||
| Ratio of earnings to fixed charges |
7.7 | 8.1 | 8.2 | 8.7 | 9.8 | 10.7 | 10.7 | |||||||||||||||||||||
| * | 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.