Martha Stewart Living Omnimedia and Staples Announce Strategic Collaboration
Apr 30 15
Martha Stewart Living Omnimedia, and Staples, Inc. have announced a new, multi-year strategic direct retail collaboration for the manufacture and distribution of Martha Stewart Home Office products. The assortment will be available at more than 1100 Staples retail stores and online, and will include a wide array of home organizing and home office products across multiple categories, including: stationery and paper products, office essentials and tools, personal technology accessories, and storage and organization products.
Staples to Shutter Tampa Warehouse Facility
Apr 29 15
Staples Inc. will lay off 47 people and close down a Tampa warehouse facility at 4661 Oak Fair Blvd. On April 24, 2015, the company notified the state that it will terminate the bulk of those associates, most of whom work in delivery services, by June 26, 2015. The company anticipated completely winding down operations by mid-October 2015. The company did not provide a reason for the layoffs in its letter to the state. It is the latest in a string of layoffs in the region, with Albertsons in Clearwater and PSCU in St. Petersburg both planning to close and leave dozens out of work.
Staples, Inc. Names Peter J. Scala to Executive Vice President Merchandising
Apr 20 15
Staples, Inc. announced that it has named Peter J. Scala, executive vice president, merchandising, effective immediately. Scala will report to Demos Parneros, president, North American stores and online, and will be a member of the company’s Executive Committee. Most recently, Scala served as senior vice president of merchandising, online marketplace, leading the rapid expansion of Staples’ product assortment to support small and mid-size business customers.
Staples, Inc. Announces Board Changes
Apr 11 15
Staples, Inc. announced that it has nominated Kunal S. Kamlani for election to the Board of Directors at the 2015 Annual Meeting. Mr. Kamlani served as President and Chief Operating Officer of Prestige Cruise Holdings, the parent company of Oceania Cruises and Regent Seven Seas Cruises, from 2011 to 2014. He also served as Chief Financial Officer at the company. The company also announced that Justin King has decided not to stand for re-election to the Board at the 2015 Annual Meeting. In communicating his decision, Mr. King cited his disagreement with the decision to reach an agreement with Starboard.
Staples, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended January 31, 2015; Announces Impairment of Goodwill and Long-Lived Assets; Provides Earnings Guidance for the First Quarter and Full Year of 2015
Mar 6 15
Staples, Inc. announced unaudited consolidated financial results for the fourth quarter and full year ended January 31, 2015. Total company sales for the fourth quarter of 2014 were $5.7 billion, a decrease of 4% compared to $5.87 billion the fourth quarter of 2013. Fourth quarter 2014 results on a GAAP basis include $410 million of pre-tax charges for the impairment of goodwill in the company's Australia, China, and South America businesses, as well as $74 million of pre-tax restructuring and other charges. Total company sales grew 1% during the fourth quarter, excluding the impact of store closures in North America during the past year and changes in foreign exchange rates. Excluding the impact of charges taken during the fourth quarter of 2014, the company reported non-GAAP net income of $198 million, or $0.31 per diluted share. Operating loss was $196,519,000 against income of $338,111,000 for the same period of last year. Loss from continuing operations before income taxes was $205,811,000 against income of $314,641,000 for the same period of last year. Loss from continuing operations was $260,352,000 against income of $212,383,000 for the same period of last year. Net loss attributed to the company was $260,352,000 against income of $212,383,000 for the same period of last year. Diluted loss per common share from continuing operations was $0.41 against income of $0.33 for the same period of last year. Diluted loss per common share was $0.41 against income of $0.33 for the same period of last year.
For the year, sales were $22,492,360,000 against $23,114,263,000 for the same period of last year. Operating income was $309,866,000 against $1,177,501,000 for the same period of last year. Income from continuing operations before income taxes was $268,135,000 against $1,062,805,000 for the same period of last year. Income from continuing operations was $134,526,000 against $707,004,000 for the same period of last year. Net income attributed to the company was $134,526,000 against $620,069,000 for the same period of last year. Diluted earnings per common share from continuing operations were $0.21 against $1.07 for the same period of last year. Diluted earnings per common share were $0.21 against $0.94 for the same period of last year. Net cash provided by operating activities was $1,042,938,000 against $1,108,286,000 for the same period of last year. Acquisition of property and equipment was $360,866,000 against $371,229,000 for the same period of last year.
For the quarter, the company announced impairment of goodwill and long-lived assets of $433,689,000.
For the first quarter of 2015, the company expects sales to decrease versus the first quarter of 2014. The company expects to achieve fully diluted non-GAAP earnings per share in the range of $0.16 to $0.18 for the first quarter of 2015. This guidance excludes any potential impact on earnings per share related to restructuring and other related activities or costs related to the company’s planned acquisition of Office Depot. The company expects to record pre-tax charges in the range of $15 million to $40 million associated with restructuring and other related activities during the first quarter of 2015.
For the full year 2015, the company expects to generate more than $600 million of free cash flow.\.