|Third Quarter 2016 Financial Summary|
|(dollar amounts in millions, except per share data)||2016||2015||Change|
|Total company sales||$||5,355||$||5,593||-4.3||%|
|Total company sales growth excluding the impact of the sale of Staples Print Solutions, store closures, and changes in foreign exchange rates*||-2||%|
|GAAP operating income||$||298||$||318||-$20|
|Non-GAAP operating income*||$||355||$||358||-$3|
|GAAP operating income rate||5.6||%||5.7||%||-13 basis points|
|Non-GAAP operating income rate*||6.6||%||6.4||%||22 basis points|
|GAAP net income||$||179||$||198||-$19|
|Non-GAAP net income*||$||220||$||226||-$6|
|GAAP earnings per diluted share||$||0.27||$||0.31||-13||%|
|Non-GAAP earnings per diluted share*||$||0.34||$||0.35||-3||%|
- Staples Business Advantage, the company's North American contract business, experienced a sales decline of three percent compared to the third quarter of 2015 on a GAAP basis, and a sales increase of two percent after excluding a negative impact of approximately five percent due to the sale of the Staples Print Solutions business.
- Excluding pre-tax charges of $57 million during the third quarter of 2016 and $40 million during the third quarter of 2015, the company improved operating income rate by 22 basis points on a non-GAAP basis.
- Improved operating income rate in each of the company's business units.
- Ended the third quarter of 2016 with $2.2 billion in liquidity, including $1.1 billion in cash and cash equivalents.
- Closed 16 stores during the third quarter of 2016 and 35 stores year to date in North America as part of a plan to close at least 50 stores in North America during 2016.
- Acquired Capital Office Products, an independent office products dealer that generates more than $100 million of annual revenue early in the fourth quarter of 2016.
- Divested the company's retail business in the United Kingdom for nominal proceeds early in the fourth quarter of 2016.
|North American Commercial|
|(dollar amounts in millions)||2016||2015||Change|
|Operating income rate||8.1||%||7.9||%||18 basis points|