Exhibit 12.1
WAL-MART STORES, INC.
Ratio of Earnings to Fixed Charges
| Six Months Ended | Fiscal Year | |||||||||||||||||||||||||||
| (Amounts in millions) | July 31, 2010 | July 31, 2009 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||
Income from continuing operations before income taxes (1) | $ | 10,971 | $ | 10,162 | $ | 22,118 | $ | 20,867 | $ | 20,122 | $ | 19,023 | $ | 17,498 | ||||||||||||||
Capitalized interest | (36 | ) | (55 | ) | (85 | ) | (88 | ) | (150 | ) | (182 | ) | (157 | ) | ||||||||||||||
Consolidated net income attributable to the noncontrolling interest | (294 | ) | (224 | ) | (513 | ) | (499 | ) | (406 | ) | (425 | ) | (324 | ) | ||||||||||||||
Adjusted income from continuing operations before income taxes | 10,641 | 9,883 | 21,520 | 20,280 | 19,566 | 18,416 | 17,017 | |||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest * | 1,100 | 1,082 | 2,160 | 2,267 | 2,267 | 2,009 | 1,603 | |||||||||||||||||||||
Interest component of rent | 308 | 216 | 597 | 406 | 464 | 368 | 328 | |||||||||||||||||||||
Total fixed charges | 1,408 | 1,298 | 2,757 | 2,673 | 2,731 | 2,377 | 1,931 | |||||||||||||||||||||
Income from continuing operations before income taxes and fixed charges | $ | 12,049 | $ | 11,181 | $ | 24,277 | $ | 22,953 | $ | 22,297 | $ | 20,793 | $ | 18,948 | ||||||||||||||
Ratio of earnings to fixed charges (times) | 8.6 | 8.6 | 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. |
| (1) | All prior periods have been adjusted to reflect the effect of the accounting change. |