This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

On a GAAP basis, the company reported fourth quarter 2012 net income of $90 million, or $0.14 per share, from continuing operations attributable to Staples, Inc., compared to net income of $284 million, or $0.41 per diluted share, achieved in the fourth quarter of 2011. Excluding the impact of charges taken during the fourth quarter of 2012, the company reported non-GAAP net income from continuing operations attributable to Staples, Inc. of $308 million, or $0.46 per diluted share, compared to $284 million, or $0.41 per diluted share, achieved in the fourth quarter of 2011. Fourth quarter 2012 results on a GAAP basis include $181 million of pre-tax charges related to European store closures and restructuring, U.S. store closures and accelerated Australia tradename amortization, a $57 million pre-tax charge related to the early extinguishment of debt, as well as a $26 million pre-tax charge related to the termination of the company’s existing joint venture agreement in India. The company’s fourth quarter 2012 results on a GAAP basis also include pre-tax income of $83 million related to the extra week in 2012.

On a GAAP basis, fourth quarter 2012 operating income rate declined 257 basis points to 4.78 percent compared to the fourth quarter of 2011. Excluding the pre-tax charges related to European store closures and restructuring, U.S. store closures and accelerated Australia tradename amortization described above, non-GAAP fourth quarter 2012 operating income rate improved 18 basis points versus the fourth quarter of 2011 to 7.53 percent. This increase primarily reflects reduced incentive compensation and marketing expense, partially offset by lower product margin.
 

Full Year 2012 Financial Summary
  Full Year
(dollar amounts in millions) 2012   2011   Change
Total company sales $24,381 $24,665 (1.2%)
Total company sales excluding the 53rd week in 2012* $23,919 $24,665 (3.0%)
 
GAAP operating income $510 $1,634 ($1,124)
Non-GAAP operating income* $1,548 $1,634 ($86)
 
GAAP operating income rate 2.1% 6.6% (453 basis points)
Non-GAAP operating income rate* 6.3% 6.6% (27 basis points)
 
GAAP (loss) earnings per share from continuing operations attributable to Staples, Inc. ($0.24) $1.40 NM
Non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc.*   $1.39   $1.37   1%

*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. Full year 2012 non-GAAP measures include results for the 53rd week in 2012, unless otherwise noted.

For the full year 2012, total company sales decreased one percent to $24.4 billion compared to full year 2011. Excluding the favorable impact of the extra week in 2012, total company sales decreased three percent to $23.9 billion versus the prior year.

2 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs