Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

December 9, 2008

Documents

Exhibit 12.1

WAL-MART STORES, INC.

Ratio of Earnings to Fixed Charges

 

     Nine Months Ended     Fiscal Year  
     October 31,
2008 		    October 31,
2007 		    2008     2007     2006     2005     2004  

Income from continuing operations before income taxes and minority interest

    $ 15,013     $ 13,822     $ 20,158     $ 18,968     $ 17,514     $ 16,289     $ 14,396  

Capitalized interest

      (68 )     (109 )     (150 )     (182 )     (157 )     (120 )     (144 )

Minority interest

      (365 )     (305 )     (406 )     (425 )     (324 )     (249 )     (214 )
                                                        

Adjusted income from continuing operations before income taxes

      14,580       13,408       19,602       18,361       17,033       15,920       14,038  
                                                        

Fixed Charges:

               

Interest *

      1,689       1,622       2,267       2,009       1,603       1,326       1,150  

Interest component of rent

      308       300       464       368       328       319       306  
                                                        

Total fixed charges

      1,997       1,922       2,731       2,377       1,931       1,645       1,456  
                                                        

Income from continuing operations before income taxes and fixed charges

    $ 16,577     $ 15,330     $ 22,333     $ 20,738     $ 18,964     $ 17,565     $ 15,494  
                                                        

Ratio of earnings to fixed charges (times)

      8.3       8.0       8.2       8.7       9.8       10.7       10.6  

 

* 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 Company, Inc., a wholly-owned subsidiary sold in fiscal 2004, the impact of our South Korean and German operations, disposed of in fiscal 2007, the impact of our Gazeley operations disposed of in fiscal 2009, and the impact of The Seiyu, Ltd. store closures in fiscal 2009, have been excluded for all periods presented.