RATIO OF EARNINGS TO FIXED CHARGES
Published on June 3, 2011
Exhibit 12.1
WAL-MART STORES, INC.
Ratio of Earnings to Fixed Charges
| Three Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| (Dollar amounts in millions) |
April 30, 2011 |
April 30, 2010 |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||
| Income from continuing operations before income taxes |
$ | 5,378 | $ | 5,266 | $ | 23,538 | $ | 22,118 | $ | 20,867 | $ | 20,122 | $ | 19,023 | ||||||||||||||
| Capitalized interest |
(12 | ) | (16 | ) | (63 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | ||||||||||||||
| Consolidated net income attributable to the noncontrolling interest |
(151 | ) | (143 | ) | (604 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | ||||||||||||||
| Adjusted income from continuing operations before income taxes |
5,215 | 5,107 | 22,871 | 21,520 | 20,280 | 19,566 | 18,416 | |||||||||||||||||||||
| Fixed Charges: |
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| Interest (1) |
574 | 530 | 2,268 | 2,160 | 2,267 | 2,267 | 2,009 | |||||||||||||||||||||
| Interest component of rent |
170 | 145 | 651 | 597 | 406 | 464 | 368 | |||||||||||||||||||||
| Total fixed charges |
744 | 675 | 2,919 | 2,757 | 2,673 | 2,731 | 2,377 | |||||||||||||||||||||
| Adjusted income from continuing operations before income taxes and fixed charges |
$ | 5,959 | $ | 5,782 | $ | 25,790 | $ | 24,277 | $ | 22,953 | $ | 22,297 | $ | 20,793 | ||||||||||||||
| Ratio of earnings to fixed charges (times) |
8.0 | 8.6 | 8.8 | 8.8 | 8.6 | 8.2 | 8.7 | |||||||||||||||||||||
| (1) | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |