Exhibit 12.1
WAL-MART STORES, INC.
Ratio of Earnings to Fixed Charges
| Three Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| (Amounts in millions) | April 30, 2010 | April 30, 2009 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Income from continuing operations before income taxes | $ | 5,301 | $ | 4,750 | $ | 22,066 | $ | 20,898 | $ | 20,158 | $ | 18,968 | $ | 17,513 | ||||||||||||||
Capitalized interest | (16 | ) | (27 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | (157 | ) | ||||||||||||||
Consolidated net income attributable to the noncontrolling interest | (143 | ) | (117 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | (324 | ) | ||||||||||||||
Adjusted income from continuing operations before income taxes | 5,142 | 4,606 | 21,468 | 20,311 | 19,602 | 18,361 | 17,032 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest * | 530 | 542 | 2,160 | 2,267 | 2,267 | 2,009 | 1,603 | |||||||||||||||||||||
Interest component of rent | 145 | 103 | 597 | 406 | 464 | 368 | 328 | |||||||||||||||||||||
Total fixed charges | 675 | 645 | 2,757 | 2,673 | 2,731 | 2,377 | 1,931 | |||||||||||||||||||||
Income from continuing operations before income taxes and fixed charges | $ | 5,817 | $ | 5,251 | $ | 24,225 | $ | 22,984 | $ | 22,333 | $ | 20,738 | $ | 18,963 | ||||||||||||||
Ratio of earnings to fixed charges (times) | 8.6 | 8.1 | 8.8 | 8.6 | 8.2 | 8.7 | 9.8 | |||||||||||||||||||||
| * | Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest. |