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

The table below shows the impact of the 53rd week on sales for the current year (in thousands):

   
Sales

Year-over-year sales growth compared with the 52 weeks ended January 28, 2012

 
2012   2011
53 weeks ended     52 weeks ended 52 weeks ended 53 weeks ended   52 weeks ended

February 2, 2013

53rd week

January 26, 2013

January 28, 2012

February 2, 2013

January 26, 2013

North American Stores & Online $ 11,827,906 $ 221,425 $ 11,606,481 $ 11,741,998 0.7 % (1.2 )%
North American Commercial 8,108,402 158,943 7,949,459 7,974,860 1.7 % (0.3 )%
International Operations 4,444,202   80,816   4,363,386   4,947,894   (10.2 )% (11.8 )%
Staples, Inc. consolidated $ 24,380,510   $ 461,184   $ 23,919,326   $ 24,664,752   (1.2 )% (3.0 )%
 

 
14 Weeks Ended
February 2, 2013
GAAP  

Restructuring charges (2)

 

Accelerated trade-name amortization (3)

 

Loss on early extinguishment of debt (4)

 

Termination of JV arrangement in India (5)

  Non-GAAP
Operating income $ 313,669 $ 176,620 $ 4,450 $ $ $ 494,739
Interest and other expense, net (121,229 ) 56,958 26,211 (38,060 )
Income from continuing operations before income taxes 192,440 456,679
 
Income taxes 102,490 102,490
Adjustments (1)   45,931  
Adjusted income taxes 102,490 148,421
   
Income from continuing operations attributed to Staples, Inc. $ 89,950   $ 308,258  
 
Effective tax rate 53.3 % 32.5 %
 
Per share income from continuing operations attributed to Staples, Inc:
Basic earnings per common share $ 0.14 $ 0.47
Diluted earnings per common share $ 0.14 $ 0.46
 
Weighted average common shares outstanding 658,653 658,653
Effect of dilutive securities 6,294   6,294  
Weighted average common shares outstanding assuming dilution 664,947   664,947  
 

(1) The $45.9 million adjustment to income tax expense in the fourth quarter of 2012 relates to net tax benefits related to the charges recorded in 2012.(2) Restructuring charges include $106.4 million for ongoing lease obligations related to facility closures, $56.4 million for severance and benefit costs, and $13.8 million for other associated costs, primarily related to the closure of 46 retail stores and the consolidation of certain sub-scale delivery businesses in Europe and the accelerated closure of 15 retail stores in the United States.(3) Relates to a strategic decision to transition from using the legacy Corporate Express tradename in the Company's Australian business to the exclusive use of the Staples tradename.(4) Relates to the pre-tax debt tender premiums and fees incurred as a result of the repurchase of approximately $632.8 million of the January 2014 Notes pursuant to a cash tender offer.(5) Relates to a charge incurred as a result of the Company's termination of its joint venture arrangement in India.

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