
<PAGE>
 
                                                                    Exhibit 23.1

                         Consent of Independent Auditors

We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-3) and related Prospectus of Wal-Mart Stores,
Inc. for the registration of $750,000,000 of debt securities of Wal-Mart Stores,
Inc. and to the incorporation by reference therein of our report dated March 24,
1998, with respect to the consolidated financial statements of Wal-Mart Stores,
Inc. incorporated by reference in its Annual Report (Form 10-K) for the year
ended January 31, 1998, filed with the Securities and Exchange Commission.

                                                     Ernst & Young LLP

Tulsa, Oklahoma
April 30, 1998
