Walmart (WMT) 10-Q 2011 Q3 Quarterly report

Exhibit 12.1

WAL-MART STORES, INC.

Ratio of Earnings to Fixed Charges

	Nine Months Ended						Fiscal Year
(Dollar amounts in millions)	October 31, 2010			October 31, 2009			2010			2009			2008			2007			2006
Income from continuing operations before income taxes(1)	$	16,066		$	15,129		$	22,118		$	20,867		$	20,122		$	19,023		$	17,498
Capitalized interest		(53	)		(72	)		(85	)		(88	)		(150	)		(182	)		(157	)
Consolidated net income attributable to the noncontrolling interest		(448	)		(338	)		(513	)		(499	)		(406	)		(425	)		(324	)
Adjusted income from continuing operations before income taxes		15,565			14,719			21,520			20,280			19,566			18,416			17,017
Fixed Charges:
Interest(2)		1,686			1,622			2,160			2,267			2,267			2,009			1,603
Interest component of rent		472			434			597			406			464			368			328
Total fixed charges		2,158			2,056			2,757			2,673			2,731			2,377			1,931
Income from continuing operations before income taxes and fixed charges	$	17,723		$	16,775		$	24,277		$	22,953		$	22,297		$	20,793		$	18,948
Ratio of earnings to fixed charges (times)		8.2			8.2			8.8			8.6			8.2			8.7			9.8

⁽¹⁾ All prior periods have been adjusted to reflect the effect of the accounting change.

⁽²⁾ Includes interest on debt and capital leases, amortization of debt issuance costs and capitalized interest.