Walmart (WMT) 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

Wal-Mart Stores, Inc.

Ratio of Earnings to Fixed Charges

	Nine Months Ended						Fiscal Year Ended
	October 31,						January 31,
(Dollar amounts in millions)	2012			2011			2012			2011			2010			2009			2008
Income from continuing operations before income taxes	$	17,614		$	16,526		$	24,398		$	23,538		$	22,118		$	20,867		$	20,122
Capitalized interest	(57		)	(45		)	(60		)	(63		)	(85		)	(88		)	(150		)
Consolidated net income attributable to the noncontrolling interest	(487		)	(444		)	(688		)	(604		)	(513		)	(499		)	(406		)
Adjusted income from continuing operations before income taxes	17,070			16,037			23,650			22,871			21,520			20,280			19,566
Fixed charges:
Interest (1)	1,775			1,807			2,382			2,268			2,160			2,267			2,267
Interest component of rent	625			565			790			651			597			406			464
Total fixed charges	2,400			2,372			3,172			2,919			2,757			2,673			2,731
Income from continuing operations before income taxes and fixed charges	$	19,470		$	18,409		$	26,822		$	25,790		$	24,277		$	22,953		$	22,297
Ratio of earnings to fixed charges	8.1			7.8			8.5			8.8			8.8			8.6			8.2

(1)Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.