RATIO OF EARNINGS TO FIXED CHARGES
Published on December 6, 2010
Exhibit 12.1
WAL-MART STORES, INC.
Ratio of Earnings to Fixed Charges
| Nine Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| (Dollar amounts in millions) | October 31, 2010 |
October 31, 2009 |
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
| Income from continuing operations before income taxes(1) |
$ | 16,066 | $ | 15,129 | $ | 22,118 | $ | 20,867 | $ | 20,122 | $ | 19,023 | $ | 17,498 | ||||||||||||||
| Capitalized interest |
(53 | ) | (72 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | (157 | ) | ||||||||||||||
| Consolidated net income attributable to the noncontrolling interest |
(448 | ) | (338 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | (324 | ) | ||||||||||||||
| Adjusted income from continuing operations before income taxes |
15,565 | 14,719 | 21,520 | 20,280 | 19,566 | 18,416 | 17,017 | |||||||||||||||||||||
| Fixed Charges: |
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| Interest (2) |
1,686 | 1,622 | 2,160 | 2,267 | 2,267 | 2,009 | 1,603 | |||||||||||||||||||||
| Interest component of rent |
472 | 434 | 597 | 406 | 464 | 368 | 328 | |||||||||||||||||||||
| Total fixed charges |
2,158 | 2,056 | 2,757 | 2,673 | 2,731 | 2,377 | 1,931 | |||||||||||||||||||||
| Income from continuing operations before income taxes and fixed charges |
$ | 17,723 | $ | 16,775 | $ | 24,277 | $ | 22,953 | $ | 22,297 | $ | 20,793 | $ | 18,948 | ||||||||||||||
| Ratio of earnings to fixed charges (times) |
8.2 | 8.2 | 8.8 | 8.6 | 8.2 | 8.7 | 9.8 | |||||||||||||||||||||
| (1) | All prior periods have been adjusted to reflect the effect of the accounting change. |
| (2) | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |