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Staples, Inc. Announces Strategic Plan To Accelerate Growth

Stocks in this article: SPLS

Staples, Inc. (Nasdaq: SPLS) the world’s largest office products company and second largest internet retailer, today announced that it is embarking on a strategic plan to better serve the needs of its customers and accelerate growth. Staples will integrate its retail and online offering, increase investment in its online businesses, reorganize its operations, implement leadership changes, initiate a multi-year cost savings plan, and restructure its International Operations.

“Our vision is to establish Staples as the single-source product authority for millions of businesses,” said Ron Sargent, Staples’ chairman and chief executive officer. “We are building on the strengths that are the foundation of our success by focusing on five key priorities: accelerate growth in our online businesses; fully integrate retail and online; improve retail store productivity; restructure our International Operations; and return cash to stakeholders.”

This strategy builds on Staples’ unique strengths, including its world-class supply chain capabilities, extensive retail store network, strong relationships with business customers of all sizes, and industry-leading online presence.

Accelerate Growth

To achieve its vision, Staples is increasing investment in online and mobile capabilities to provide business customers with a differentiated multi-channel shopping experience. Building on its success in categories like facilities and breakroom supplies, copy and print, and technology products, Staples is significantly expanding its assortment beyond office supplies to better serve the needs of business customers. To help fund these investments in growth, Staples is initiating a multi-year cost savings plan which is expected to generate annualized pre-tax cost savings of approximately $250 million by the end of fiscal year 2015.

Enhance Multi-Channel Offering

To support growth and better address the changing needs of its customers, Staples announced the combination of its U.S. Retail and Staples.com businesses under the leadership of Demos Parneros. Joe Doody will continue to lead Staples’ North American Contract and Quill.com businesses, and will assume leadership of supply chain and customer service operations in North America. “Demos and Joe are outstanding leaders who have a deep understanding of the needs of business customers,” said Sargent. “By realigning our organization around our customers, we are much better positioned to take advantage of our unique supply chain and retail store assets, while accelerating online growth and significantly improving productivity.” Demos Parneros and Joe Doody will continue to report to Ron Sargent.

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