- Increased marketing investment in “Make More Happen” brand campaign drove customer awareness that Staples offers products beyond office supplies.
- Grew sales in North American Commercial one percent year over year.
- Achieved Staples.com sales growth of six percent in local currency driven by increased conversion on the company’s desktop and mobile websites, as well as its expanded assortment beyond office supplies.
- Grew copy and print same store sales in the high single digits in North America, and grew copy and print online sales in the double digits.
- Re-merchandised over 600 stores in the U.S. with an expanded offering of categories beyond office supplies.
- Secured approximately $100 million of annualized cost savings as part of a two-year plan to eliminate approximately $500 million of annualized costs.
- Closed 16 stores in North America during the first quarter and finalized plans to close approximately 80 stores in North America during the second quarter.
|First Quarter 2014 Financial Summary|
|(dollar amounts in millions)||2014||2013||Change|
|Total company sales||$||5,654||$||5,815||-2.8||%|
|Total company sales excluding changes in foreignexchange rates and the impact of store closures*||-2||%|
|GAAP operating income||$||159||$||285||-$126|
|Non-GAAP operating income*||$||183||$||285||-$102|
|GAAP operating income rate||2.8||%||4.9||%||-209 basis points|
|Non-GAAP operating income rate*||3.2||%||4.9||%||-167 basis points|
|GAAP net income||$||96||$||170||-$74|
|Non-GAAP net income*||$||115||$||170||-$55|
|GAAP earnings per diluted share||$||0.15||$||0.26||-42||%|
|Non-GAAP earnings per diluted share*||$||0.18||$||0.26||-31||%|