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Staples, Inc. Announces Fourth Quarter And Full Year 2012 Performance

Staples, Inc. (Nasdaq: SPLS) announced today the results for its fourth quarter and fiscal year ended February 2, 2013.

Fourth Quarter 2012 Financial Summary
  Fourth Quarter
(dollar amounts in millions) 2012   2011   Change
Total company sales $6,568 $6,374 3.0%
Total company sales excluding the 53rd week in 2012* $6,107 $6,374 (4.2%)
GAAP operating income $314 $469 ($155)
Non-GAAP operating income* $495 $469 $26
GAAP operating income rate 4.8% 7.4% (257 basis points)
Non-GAAP operating income rate* 7.5% 7.4% 18 basis points
GAAP earnings per share from continuing operations attributable to Staples, Inc. $0.14 $0.41 (66%)
Non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc.*   $0.46   $0.41   12%

*Indicates a non-GAAP measure. Refer to “Presentation of Non-GAAP Information” and the accompanying reconciliations for more detailed information about these non-GAAP measures. Fourth quarter 2012 non-GAAP measures include results for the 53rd week in 2012, unless otherwise noted.

“During the fourth quarter we did a great job managing expenses in a challenging sales environment,” said Ron Sargent, Staples’ chairman and chief executive officer. “We’re making progress toward our new vision: Every product your business needs to succeed.”

Total company sales for the fourth quarter of 2012 were $6.6 billion, an increase of three percent compared to the fourth quarter of 2011. Excluding $461 million of sales for the 53rd week in fiscal year 2012, total company sales decreased four percent compared to the fourth quarter of 2011.

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