Staples, Inc. (Nasdaq :SPLS) a annoncé aujourd'hui ses résultats pour le troisième trimestre clos au 30 octobre 2010. Les ventes totales de la société s'élèvent à 6,5 milliards de dollars pour le troisième trimestre 2010 et sont en légère hausse comparé au troisième trimestre 2009. Le revenu net a augmenté de 7 % en glissement annuel pour atteindre 289 millions de dollars, tandis que les bénéfices dilués par action, sur une base GAAP, ont augmenté de 8 % pour atteindre 0,40 dollar, contre 0,37 dollar au troisième trimestre 2009.
Le bénéfice dilué ajusté par action s'est élevé à 0,41 dollar au troisième trimestre 2010, contre 0,39 dollar au troisième trimestre de l'année dernière soit une hausse de 5 % en glissement annuel. Ces résultats ajustés excluent les frais d'intégration et de restructuration avant impôt de 9 millions de dollars au cours du troisième trimestre 2010, contre 16 millions de dollars au troisième trimestre 2009.
« Nos initiatives de croissance en Amérique du Nord portent de plus en plus leurs fruits et nous réalisons actuellement d'importants progrès améliorant la rentabilité de nos activités internationales », déclare Ron Sargent, Chairman et Chief Executive Officer de Staples. « Nos très bonnes performances financières témoignent de notre solidité dans la mise en œuvre de notre stratégie car nous investissons en vue d'une croissance à long terme. »
Sur une base GAAP, la marge d'exploitation au troisième trimestre 2010 s'est accrue de 71 points de base, à 7,87 %, par rapport au troisième trimestre 2009. En excluant l'impact des frais d'intégration et de restructuration, la marge d'exploitation au troisième trimestre 2010 a gagné 60 points de base à 8,01 %. Cette augmentation traduit essentiellement une amélioration de la marge sur les produits, une réduction des coûts de livraison et de distribution ainsi qu'une baisse des dépenses d'amortissement.
Le taux d'imposition effectif de la société au troisième trimestre 2010 s'est établi à 37,5 %, contre 34,5 % au troisième trimestre 2009. Cette hausse est imputable à l'arrêt, entré en vigueur cette année, des provisions pour impôt permettant le report d'imposition sur le revenu de certains bénéfices enregistrés à l'étranger.
La société a généré depuis le début de l'exercice un flux de trésorerie disponible de 758 millions de dollars après dépenses d'investissement d'un montant de 246 millions de dollars, clôturant le troisième trimestre 2010 avec 2,6 milliards de dollars de trésorerie, dont 1,4 milliard de liquidités et équivalents de liquidités. Au cours du troisième trimestre, la société a racheté 8 millions d'actions ordinaires pour un montant de 156 millions de dollars.
North American Delivery
Les ventes de North American Delivery au troisième trimestre 2010 se sont élevées à 2,5 milliards de dollars, en hausse de 3 % en dollars US et de 2 % en monnaie locale par rapport au troisième trimestre 2009, profitant d'un volume important de nouveaux clients. La marge d'exploitation est restée stable à 8,85 % par rapport au troisième trimestre 2009. L'amélioration de la marge d'exploitation obtenue grâce à la baisse des charges d'amortissement et à de meilleurs achats a été contrebalancée par des investissements dans le cadre d'initiatives de croissance.
North American Retail
Les ventes de North American Retail au troisième trimestre 2010 se sont élevées à 2,6 milliards de dollars, en hausse de 1 % en dollars US et stables en monnaie locale par rapport au troisième trimestre 2009. Les ventes comparables en magasin au troisième trimestre 2010 ont baissé de 1 % par rapport au troisième trimestre 2009. La marge d'exploitation s'élève à 10,58 % soit une augmentation de 47 points de base par rapport au troisième trimestre 2009. Cette amélioration traduit essentiellement l'augmentation des marges sur les produits et la réduction des dotations aux amortissements, contrebalancées par des investissements dans la main-d'œuvre. North American Retail a ouvert 10 magasins et en a fermé un, et comptabilise 1 897 magasins en Amérique du Nord à la fin du troisième trimestre 2010.
International
Les ventes internationales au troisième trimestre 2010 se sont élevées à 1,4 milliard de dollars, en baisse de 4 % en dollars US et de 1 % en monnaie locale par rapport au troisième trimestre 2009. La croissance du chiffre d'affaires en monnaie locale dans les activités Contract en Europe a été plus que contrebalancée par un recul de 2 % des ventes comparables en magasin en Europe par rapport au troisième trimestre 2009. La marge d'exploitation s'élève à 4,33 % soit une augmentation de 150 points de base par rapport au troisième trimestre 2009. Cette augmentation traduit essentiellement des améliorations dans les activités European Printing Systems, European Delivery et en Australie ainsi qu'une baisse des amortissements légèrement contrebalancées par une hausse modérée des coûts fixes sur fond de baisse des ventes du Retail en Europe. Le Retail en Europe a ouvert un magasin et en a fermé trois au cours du troisième trimestre 2010. L'activité internationale comptait 381 magasins à la fin du troisième trimestre 2010.
Prévisions
Staples prévoit une croissance des ventes inférieure à 5 % au quatrième trimestre 2010 par rapport à la même période en 2009. La société s'attend à un bénéfice dilué par action sur une base GAAP compris entre 0,38 et 0,40 dollar au quatrième trimestre 2010. Si l'on exclut environ 8 millions de dollars de frais d'intégration et de restructuration avant impôt, soit un impact d'environ 0,01 dollar par action, la société s'attend à un bénéfice dilué ajusté par action situé entre 0,39 et 0,41 dollar au quatrième trimestre 2010.
Pour l'exercice 2010, la société s'attend à enregistrer une croissance de ses ventes totales inférieure à 5 % par rapport à l'exercice 2009. La société s'attend à un bénéfice dilué par action sur une base GAAP compris entre 1,22 et 1,24 dollar pour l'exercice 2010. Si l'on exclut environ 60 millions de dollars de frais d'intégration et de restructuration avant impôt, soit un impact d'environ 0,05 dollar par action, la société s'attend à un bénéfice dilué ajusté par action situé entre 1,27 et 1,29 dollar pour l'exercice 2010. La société reste en bonne voie pour atteindre son objectif de générer un flux de trésorerie disponible de plus de 1 milliard de dollars pour l'ensemble de l'exercice 2010 après des dépenses d'investissement s'élevant à environ 400 millions de dollars.
Pour l'exercice 2011, la société s'attend à une croissance de ses ventes totales pouvant atteindre plus ou moins 5 % et à des bénéfices dilués par action situés entre 1,50 et 1,60 dollar. La société s'attend à ce que les bénéfices par action pour l'exercice 2011 profitent de l'intégration de Corporate Express qui est en cours, de la croissance dans les activités de services à forte marge, de la diminution des charges d'intérêts, des rachats d'actions ainsi que de la baisse attendue de son taux d'imposition effectif qui repasserait à environ 34,5 %. Pour l'ensemble de l'exercice 2011, la société s'attend à générer un flux de trésorerie disponible de plus de 1 milliard de dollars après des dépenses d'investissement d'un montant d'environ 500 millions de dollars.
Presentation of Non-GAAP Information
This press release presents certain results both with and without integration and restructuring expense associated with Corporate Express. This press release also presents certain results both with and without the impact of fluctuations in foreign currency exchange rates. The presentation of results that exclude these items are non-GAAP financial measures that should be considered in addition to, and should not be considered superior to, or as a substitute for, the presentation of results determined in accordance with GAAP. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. Management believes that the non-GAAP financial measures presented provide a better comparison to prior periods because the adjustments do not affect the on-going operations of the combined businesses. Management uses these non-GAAP financial measures to evaluate the operating results of the company's business against prior year results and its operating plan, and to forecast and analyze future periods. Management recognizes there are limitations associated with the use of non-GAAP financial measures as they may reduce comparability with other companies that use different methods to calculate similar non-GAAP measures. Management generally compensates for the limitations resulting from the exclusion of these items by considering the impact of these items separately according to GAAP as well as non-GAAP results and outlook, and in addition, in this press release, by presenting the most comparable GAAP measures ahead of non-GAAP measures and providing a reconciliation that indicates and describes the adjustments made.
Téléconférence de ce jour
Aujourd'hui à 8h00 (ET), la société tiendra une téléconférence afin de procéder à l'examen de ces résultats et des prévisions. Les investisseurs peuvent l'écouter sur http://investor.staples.com.
À propos de Staples
Staples, premier fournisseur mondial de matériel et de fournitures de bureau, s'est donné pour mission de faciliter l'achat, par ses clients, d'une vaste gamme de produits et services. À travers notre large choix de fournitures de bureau, d'équipements électroniques, de technologies et de mobilier, ainsi que de services aux entreprises, y compris les réparations informatiques et les services de copie et d'impression, nous aidons nos clients à gérer au mieux leurs activités de bureautique. Avec un chiffre total des ventes de 24 milliards de dollars en 2009 et 91 000 collaborateurs dans le monde entier, Staples fournit des entreprises et des clients de toutes tailles dans 26 pays en Amérique du Nord et du Sud, en Europe, en Asie et en Australie. Staples a inventé le concept d'hypermarché de l'univers bureautique en 1986 et se classe aujourd'hui au deuxième rang mondial des ventes par Internet. Le siège du groupe se trouve dans la banlieue de Boston. Plus d'informations à propos de Staples (Nasdaq: SPLS) sur www.staples.com/media.
Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995 including, but not limited to, the information set forth under ?Outlook? and other statements regarding our future business and financial performance. Some of the forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk, including the review of our assessments by our outside auditor and changes in management's assumptions and projections. Actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including but not limited to: global economic conditions may continue to cause a decline in business and consumer spending which could adversely affect our business and financial performance; our market is highly competitive and we may not be able to continue to compete successfully; our growth may strain our operations and we may not successfully integrate acquisitions to realize anticipated benefits; we may be unable to continue to enter new markets successfully; our expanding international operations expose us to risk inherent in foreign operations; our effective tax rate may fluctuate; fluctuations in foreign exchange rates could lead to lower earnings; we may be unable to attract and retain qualified associates; our quarterly operating results are subject to significant fluctuation; if we are unable to manage our debt, it could materially harm our business and financial condition and restrict our operating flexibility; our business may be adversely affected by the actions of and risks associated with our third-party vendors; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property and product liability claims; technological problems may impact our operations; our information security may be compromised; various legal proceedings, third party claims, investigations or audits may adversely affect our business and financial performance; changes in federal, state or local regulations may increase our cost of doing business; and those factors discussed or referenced in our most recent quarterly report on Form 10-Q filed with the SEC, under the heading ?Risk Factors? and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. In addition, any forward-looking statements represent our estimates only as of the date such statements are made (unless another date is indicated) and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
Les informations financières suivront.
STAPLES, INC. AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(Dollar Amounts in Thousands, Except Share Data) | |||||||
(Unaudited) | |||||||
October 30, | January 30, | ||||||
2010 | 2010 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 1,369,721 | $ 1,415,819 | |||||
Receivables, net | 1,995,066 | 1,811,365 | |||||
Merchandise inventories, net | 2,432,273 | 2,261,149 | |||||
Deferred income tax asset | 282,435 | 353,329 | |||||
Prepaid expenses and other current assets | 355,873 | 333,105 | |||||
Total current assets | 6,435,368 | 6,174,767 | |||||
Property and equipment: | |||||||
Land and buildings | 1,075,375 | 1,051,391 | |||||
Leasehold improvements | 1,304,545 | 1,268,848 | |||||
Equipment | 2,211,215 | 2,035,658 | |||||
Furniture and fixtures | 1,012,955 | 966,783 | |||||
Total property and equipment | 5,604,090 | 5,322,680 | |||||
Less accumulated depreciation and amortization | 3,499,740 | 3,158,147 | |||||
Net property and equipment | 2,104,350 | 2,164,533 | |||||
Lease acquisition costs, net of accumulated amortization | 23,214 | 25,083 | |||||
Intangible assets, net of accumulated amortization | 537,108 | 579,923 | |||||
Goodwill | 4,108,070 | 4,084,122 | |||||
Other assets | 672,652 | 688,906 | |||||
Total assets | $ 13,880,762 | $ 13,717,334 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ 2,289,351 | $ 2,111,696 | |||||
Accrued expenses and other current liabilities | 1,537,407 | 1,603,354 | |||||
Debt maturing within one year | 589,643 | 67,269 | |||||
Total current liabilities | 4,416,401 | 3,782,319 | |||||
Long-term debt | 2,054,758 | 2,500,329 | |||||
Other long-term obligations | 626,838 | 579,746 | |||||
Stockholders' equity: | |||||||
Preferred stock, $.01 par value, 5,000,000 shares authorized; no shares issued | - | - | |||||
Common stock, $.0006 par value, 2,100,000,000 shares authorized; | |||||||
issued 906,024,936 shares at October 30, 2010 and 896,655,170 shares at January 30, 2010 | 544 | 538 | |||||
Additional paid-in capital | 4,254,523 | 4,379,942 | |||||
Accumulated other comprehensive loss | -86,992 | -89,337 | |||||
Retained earnings | 6,281,488 | 5,869,138 | |||||
Less: Treasury stock at cost - 182,487,378 shares at October 30, 2010 | |||||||
and 167,990,178 shares at January 30, 2010 | (3,674,108) | (3,388,395) | |||||
Total Staples, Inc. stockholders' equity | 6,775,455 | 6,771,886 | |||||
Noncontrolling interests | 7,310 | 83,054 | |||||
Total stockholders' equity | 6,782,765 | 6,854,940 | |||||
Total liabilities and stockholders' equity | $ 13,880,762 | $ 13,717,334 |
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Condensed Consolidated Statements of Income | ||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
October 30, | October 31, | October 30, | October 31, | |||||
2010 | 2009 | 2010 | 2009 | |||||
Sales | $ 6,537,676 | $ 6,518,039 | $ 18,129,711 | $ 17,869,377 | ||||
Cost of goods sold and occupancy costs | 4,733,928 | 4,751,836 | 13,244,200 | 13,153,015 | ||||
Gross profit | 1,803,748 | 1,766,203 | 4,885,511 | 4,716,362 | ||||
Operating and other expenses: | ||||||||
Selling, general and administrative | 1,264,676 | 1,256,479 | 3,643,169 | 3,616,049 | ||||
Integration and restructuring costs | 9,019 | 15,872 | 51,545 | 64,502 | ||||
Amortization of intangibles | 15,628 | 26,890 | 45,913 | 75,405 | ||||
Total operating expenses | 1,289,323 | 1,299,241 | 3,740,627 | 3,755,956 | ||||
Operating income | 514,425 | 466,962 | 1,144,884 | 960,406 | ||||
Other (expense) income: | ||||||||
Interest income | 2,045 | 1,364 | 5,706 | 4,366 | ||||
Interest expense | (52,775) | (58,016) | (161,418) | (179,447) | ||||
Other (expense) income | (1,824) | 8,266 | (7,059) | 5,984 | ||||
Consolidated income before income taxes | 461,871 | 418,576 | 982,113 | 791,309 | ||||
Income tax expense | 173,201 | 144,409 | 368,293 | 273,002 | ||||
Consolidated net income | 288,670 | 274,167 | 613,820 | 518,307 | ||||
(Loss) income attributed to the noncontrolling interests | (10) | 4,786 | 6,614 | 13,551 | ||||
Net income attributed to Staples, Inc. | $ 288,680 | $ 269,381 | $ 607,206 | $ 504,756 | ||||
Earnings Per Share: | ||||||||
Basic earnings per common share | $ 0.40 | $ 0.38 | $ 0.85 | $ 0.71 | ||||
Diluted earnings per common share | $ 0.40 | $ 0.37 | $ 0.83 | $ 0.70 | ||||
Dividends declared per common share | $ 0.09 | $ 0.08 | $ 0.27 | $ 0.25 |
STAPLES, INC. AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(Dollar Amounts in Thousands) | |||||||
(Unaudited) | |||||||
39 Weeks Ended | |||||||
October 30, | October 31, | ||||||
2010 | 2009 | ||||||
Operating Activities: | |||||||
Consolidated net income, including income from the noncontrolling interests |
| $ 613,820 | $ 518,307 | ||||
Adjustments to reconcile net income attributed to the controlling
interests to net cash
provided by operating activities: | |||||||
Depreciation and amortization |
| 371,279 | 411,330 | ||||
Stock-based compensation | 109,209 | 132,539 | |||||
Deferred tax expense (income) | 152,505 | (38,028) | |||||
Excess tax benefits from stock-based compensation arrangments | - | (2,161) | |||||
Other |
| (2,725) | 26,231 | ||||
Changes in assets and liabilities: | |||||||
(Increase) decrease in receivables |
| (145,644) | 23,072 | ||||
(Increase) decrease in merchandise inventories |
| (134,132) | 160,935 | ||||
(Increase) decrease in prepaid expenses and other assets |
| (17,307) | 218,917 | ||||
Increase in accounts payable | 151,913 | 129,752 | |||||
Decrease in accrued expenses and other current liabilities |
| (141,484) | (21,307) | ||||
Increase in other long-term obligations |
| 46,654 | 27,700 | ||||
Net cash provided by operating activities |
| 1,004,088 | 1,587,287 | ||||
Investing Activities: | |||||||
Acquisition of property and equipment |
| (245,802) | (191,149) | ||||
Acquisition of businesses, net of cash acquired | (39,065) | - | |||||
Net cash used in investing activities |
| (284,867) | (191,149) | ||||
Financing Activities: | |||||||
Proceeds from the exercise of stock options and the sale of stock under employee stock | |||||||
purchase plans |
| 43,868 | 70,061 | ||||
Repayments of commercial paper, net of proceeds from issuances | - | (1,195,557) | |||||
Proceeds from borrowings |
| 175,035 | 1,176,330 | ||||
Payments on borrowings, including payment of deferred financing fees |
| (151,068) | (911,979) | ||||
Purchase of noncontrolling interest | (360,595) | - | |||||
Cash dividends paid | (194,856) | (177,323) | |||||
Excess tax benefits from stock-based compensation arrangments | - | 2,161 | |||||
Purchase of treasury stock, net | (285,713) | (28,382) | |||||
Net cash used in financing activities |
| (773,329) | (1,064,689) | ||||
Effect of exchange rate changes on cash and cash equivalents |
| 8,010 | 69,924 | ||||
Net (decrease) increase in cash and cash equivalents |
| (46,098) | 401,373 | ||||
Cash and cash equivalents at beginning of period |
| 1,415,819 | 633,774 | ||||
Cash and cash equivalents at end of period |
| $ 1,369,721 | $ 1,035,147 |
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Segment Reporting | ||||||||
(Dollar Amounts in Thousands) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
October 30, | October 31, | October 30, | October 31, | |||||
2010 | 2009 | 2010 | 2009 | |||||
Sales: | ||||||||
North American Delivery | $ 2,537,094 | $ 2,474,424 | $ 7,359,175 | $ 7,215,632 | ||||
North American Retail | 2,644,347 | 2,628,873 | 6,967,106 | 6,790,476 | ||||
International Operations | 1,356,235 | 1,414,742 | 3,803,430 | 3,863,269 | ||||
Total sales | $ 6,537,676 | $ 6,518,039 | $ 18,129,711 | $ 17,869,377 | ||||
Business Unit Income: | ||||||||
North American Delivery | $ 224,613 | $ 219,003 | $ 634,550 | $ 564,554 | ||||
North American Retail | 279,640 | 265,743 | 561,883 | 528,965 | ||||
International Operations | 58,771 | 40,069 | 109,205 | 63,928 | ||||
Total business unit income | 563,024 | 524,815 | 1,305,638 | 1,157,447 | ||||
Stock-based compensation | (39,580) | (41,981) | (109,209) | (132,539) | ||||
Total segment income | 523,444 | 482,834 | 1,196,429 | 1,024,908 | ||||
Interest and other expense, net | -52,554 | -48,386 | -162,771 | -169,097 | ||||
Integration and restructuring costs | -9,019 | -15,872 | -51,545 | -64,502 | ||||
Consolidated income before income taxes | $ 461,871 | $ 418,576 | $ 982,113 | $ 791,309 |
STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income | ||||||||||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
13 Weeks Ended | ||||||||||||||||
October 30, 2010 | October 31, 2009 | |||||||||||||||
GAAP As Reported | Integration and Restructuring Costs | Non-GAAP As Adjusted | As Adjusted % |
GAAP As Reported | Integration and Restructuring Costs | Non-GAAP As Adjusted | As Adjusted % | |||||||||
Sales | $ 6,537,676 | $ - | $ 6,537,676 | 100.00% | $ 6,518,039 | $ - | $ 6,518,039 | 100.00% | ||||||||
Cost of goods sold and occupancy costs | 4,733,928 | - | 4,733,928 | 72.41% | 4,751,836 | - | 4,751,836 | 72.90% | ||||||||
Gross profit | 1,803,748 | - | 1,803,748 | 27.59% | 1,766,203 | - | 1,766,203 | 27.10% | ||||||||
Operating and other expenses: | ||||||||||||||||
Selling, general and administrative | 1,264,676 | - | 1,264,676 | 19.34% | 1,256,479 | - | 1,256,479 | 19.28% | ||||||||
Integration and restructuring costs | 9,019 | (9,019) | - | 0.00% | 15,872 | (15,872) | - | 0.00% | ||||||||
Amortization of intangibles | 15,628 | - | 15,628 | 0.24% | 26,890 | - | 26,890 | 0.41% | ||||||||
Total operating expenses | 1,289,323 | (9,019) | 1,280,304 | 19.58% | 1,299,241 | (15,872) | 1,283,369 | 19.69% | ||||||||
Operating income | 514,425 | 9,019 | 523,444 | 8.01% | 466,962 | 15,872 | 482,834 | 7.41% | ||||||||
Interest and other expense, net | 52,554 | - | 52,554 | 0.80% | 48,386 | - | 48,386 | 0.74% | ||||||||
Consolidated income before income taxes | 461,871 | 9,019 | 470,890 | 7.20% | 418,576 | 15,872 | 434,448 | 6.67% | ||||||||
Income tax expense | 173,201 | 3,382 | 176,583 | 2.70% | 144,409 | 5,476 | 149,885 | 2.30% | ||||||||
Consolidated net income | 288,670 | 5,637 | 294,307 | 4.50% | 274,167 | 10,396 | 284,563 | 4.37% | ||||||||
(Loss) income attributed to the noncontrolling interests | (10) | - | (10) | 0.00% | 4,786 | - | 4,786 | 0.07% | ||||||||
Net income attributed to Staples, Inc. | $ 288,680 | $ 5,637 | $ 294,317 | 4.50% | $ 269,381 | $ 10,396 | $ 279,777 | 4.29% | ||||||||
Earnings Per Share: | ||||||||||||||||
Basic earnings per common share | $ 0.40 | $ 0.01 | $ 0.41 | $ 0.38 | $ 0.01 | $ 0.39 | ||||||||||
Diluted earnings per common share | $ 0.40 | $ 0.01 | $ 0.41 | $ 0.37 | $ 0.02 | $ 0.39 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 714,180,111 | 711,396,783 | ||||||||||||||
Diluted | 721,832,928 | 722,621,780 |
STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income | ||||||||||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
39 Weeks Ended | ||||||||||||||||
October 30, 2010 | October 31, 2009 | |||||||||||||||
GAAP As Reported | Integration and Restructuring Costs | Non-GAAP As Adjusted | As Adjusted % | GAAP As Reported | Integration and Restructuring Costs | Non-GAAP As Adjusted | As Adjusted % | |||||||||
Sales | $ 18,129,711 | $ - | $ 18,129,711 | 100.00% | $ 17,869,377 | $ - | $ 17,869,377 | 100.00% | ||||||||
Cost of goods sold and occupancy costs | 13,244,200 | - | 13,244,200 | 73.05% | 13,153,015 | - | 13,153,015 | 73.61% | ||||||||
Gross profit | 4,885,511 | - | 4,885,511 | 26.95% | 4,716,362 | - | 4,716,362 | 26.39% | ||||||||
Operating and other expenses: | ||||||||||||||||
Selling, general and administrative | 3,643,169 | - | 3,643,169 | 20.10% | 3,616,049 | - | 3,616,049 | 20.24% | ||||||||
Integration and restructuring costs | 51,545 | (51,545) | - | 0.00% | 64,502 | (64,502) | - | 0.00% | ||||||||
Amortization of intangibles | 45,913 | - | 45,913 | 0.25% | 75,405 | - | 75,405 | 0.42% | ||||||||
Total operating expenses | 3,740,627 | (51,545) | 3,689,082 | 20.35% | 3,755,956 | (64,502) | 3,691,454 | 20.66% | ||||||||
Operating income | 1,144,884 | 51,545 | 1,196,429 | 6.60% | 960,406 | 64,502 | 1,024,908 | 5.74% | ||||||||
Interest and other expense, net | 162,771 | - | 162,771 | 0.90% | 169,097 | - | 169,097 | 0.95% | ||||||||
Consolidated income before income taxes | 982,113 | 51,545 | 1,033,658 | 5.70% | 791,309 | 64,502 | 855,811 | 4.79% | ||||||||
Income tax expense | 368,293 | 19,329 | 387,622 | 2.14% | 273,002 | 22,253 | 295,255 | 1.65% | ||||||||
Consolidated net income | 613,820 | 32,216 | 646,036 | 3.56% | 518,307 | 42,249 | 560,556 | 3.14% | ||||||||
Income attributed to the noncontrolling interests | 6,614 | - | 6,614 | 0.04% | 13,551 | - | 13,551 | 0.08% | ||||||||
Net income attributed to Staples, Inc. | $ 607,206 | $ 32,216 | $ 639,422 | 3.53% | $ 504,756 | $ 42,249 | $ 547,005 | 3.06% | ||||||||
Earnings Per Share: | ||||||||||||||||
Basic earnings per common share | $ 0.85 | $ 0.04 | $ 0.89 | $ 0.71 | $ 0.06 | $ 0.77 | ||||||||||
Diluted earnings per common share | $ 0.83 | $ 0.05 | $ 0.88 | $ 0.70 | $ 0.06 | $ 0.76 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 717,487,062 | 708,019,523 | ||||||||||||||
Diluted | 727,905,694 | 720,011,303 |
STAPLES, INC. AND SUBSIDIARIES | ||||||
Reconciliation of GAAP to Non-GAAP Sales Growth | ||||||
(Unaudited) | ||||||
13 Weeks Ended October 30, 2010 | ||||||
Sales Growth GAAP | Impact of Local Currency | Sales Growth on a Local Currency Basis | ||||
Sales: | ||||||
North American Delivery | 2.5% | (0.3%) | 2.2% | |||
North American Retail | 0.6% | (1.0%) | (0.4%) | |||
International Operations | (4.1%) | 3.4% | (0.7%) | |||
Total sales | 0.3% | 0.2% | 0.5% | |||
39 Weeks Ended October 30, 2010 | ||||||
Sales Growth GAAP | Impact of Local Currency | Sales Growth on a Local Currency Basis | ||||
Sales: | ||||||
North American Delivery | 2.0% | (0.8%) | 1.2% | |||
North American Retail | 2.6% | (2.2%) | 0.4% | |||
International Operations | (1.5%) | (0.7%) | (2.2%) | |||
Total sales | 1.5% | (1.3%) | 0.2% | |||
This presentation refers to growth rates in local currency so that business results can be viewed without the impact of fluctuations | ||||||
in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Staples' business performance. | ||||||
To present this information, current period results for entities reporting in currencies other than U.S. dollars are converted into | ||||||
U.S. dollars at the prior year average monthly exchange rates. |
Media Contact:
Owen Davis
508-253-8468
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Investor
Contact:
Laurel Lefebvre/Chris Powers
508-253-4080/4632