Walmart (WMT) 10-Q 2009 Q3 Quarterly report

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.