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Last $13.60 USD
Change Today -0.20 / -1.45%
Volume 10.7M
SPLS On Other Exchanges
Symbol
Exchange
NASDAQ GS
As of 8:10 PM 09/4/15 All times are local (Market data is delayed by at least 15 minutes).

staples inc (SPLS) Key Developments

Staples, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 1, 2015; Reports Impairment of Long-Lived Assets for the Second Quarter Ended August 1, 2015; Provides Earnings Guidance for the Third Quarter of 2015; Provides Free Cash Flow Guidance for the Full Year 2015

Staples, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended August 1, 2015. For the quarter, the company reported sales of $4,937 million against $5,220 million a year ago. On a non-GAAP basis, total company sales grew 1% versus second quarter of last year. Operating income was $92 million against $190 million a year ago. Income before income taxes was $56 million against $12 million a year ago. Net income was $36 million against $82 million a year ago. Diluted earnings per common share were $0.06 against $0.13 a year ago. Non-GAAP operating income was $126 million against $120 million a year ago. Non-GAAP income before income taxes was $114 million against $113 million a year ago. Non-GAAP net income was $76 million or $0.12 per diluted share against $75 million or $0.12 per diluted share a year ago. Second quarter 2015 results on a GAAP basis include pre-tax charges of $24 million related to restructuring and related activities, as well as $34 million related to the acquisition of Office Depot. Total company sales increased 1% during the second quarter, excluding the impact of store closures in North America during the past year and changes in foreign exchange rates. Total company sales increased 1% during the quarter, excluding the impact of store closures in North America during the past year and changes in foreign exchange rates. For the six months, the company reported sales of $10,198 million against $10,874 million a year ago. Operating income was $190 million against $178 million a year ago. Income before income taxes was $140 million against $160 million a year ago. Net income was $95 million against $178 million a year ago. Diluted earnings per common share were $0.15 against $0.27 a year ago. Net cash provided by operating activities was $300 million against $304 million a year ago. Acquisition of property and equipment was $138 million against $110 million a year ago. Non-GAAP operating income was $299 million against $303 million a year ago. Non-GAAP income before income taxes was $277 million against $285 million a year ago. Non-GAAP net income was $184 million or $0.28 per diluted share against $190 million or $0.29 per diluted share a year ago. For the second quarter ended August 1, 2015, the company reported impairment of long-lived assets of $1 million against $5 million a year ago. For the third quarter of 2015, the company expects sales to decrease versus the third quarter of 2014. The company expects to achieve fully diluted non-GAAP earnings per share in the range of $0.33 to $0.36 for the third quarter of 2015. The company's guidance reflects a sequential increase in the unfavorable impact of the stronger U.S. dollar on sales and earnings. The company's earnings guidance excludes any potential impact related to restructuring and other related activities or costs related to the company's planned acquisition of office depot. For the full year 2015, the company expects to generate more than $600 million of free cash flow. The company expects non-GAAP effective tax rate to be 33.5% for the remainder of 2015.

Staples, Inc. Receives Approval from Australian Competition and Consumer Commission to Acquire Office Depot

Staples, Inc. announced that it has received clearance from the Australian Competition and Consumer Commission for the acquisition of Office Depot. Staples continues to seek clearance from regulatory agencies in the United States, the European Union and Canada.

Staples Eliminates 60 Jobs in Phoenix

Staples Inc. is eliminating 60 jobs in Phoenix. The office superstore chain is cutting the jobs at a delivery operations center in Phoenix. The company has 23 stores in the Phoenix metro area. The company reported the layoffs to the state of Arizona under the federal Worker Adjustment and Retraining Notification Act.

Staples to Close Local Store at 1927 Dorothy Lane in Moraine

The Staples store at 1927 Dorothy Lane in Moraine will shut down permanently on Sept. 12 as part of the company's plan to shutter 225 nationwide. The number of employees who will be affected by the closing was not immediately available.

Staples, Inc. Declares Second Quarter 2015 Cash Dividend Payable on July 16, 2015

Staples, Inc. announced that its Board of Directors has declared a quarterly cash dividend on Staples, Inc. common stock of $0.12 per share. The dividend is payable on July 16, 2015, to shareholders of record on June 26, 2015.

 

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Industry Analysis

SPLS

Industry Average

Valuation SPLS Industry Range
Price/Earnings 100.0x
Price/Sales 0.4x
Price/Book 1.7x
Price/Cash Flow 75.8x
TEV/Sales 0.3x
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