Staples, Inc. (Nasdaq: SPLS) ha hecho públicos hoy sus resultados del segundo trimestre, cerrado el 30 de julio de 2011. En comparación con el segundo trimestre de 2010, las ventas totales de la empresa en el segundo trimestre de este año han aumentado un 5,2 por ciento, para situarse en los 5.800 millones de dólares. Los ingresos netos del segundo trimestre de 2011 aumentaron en un 36 por ciento interanual hasta 176 millones de dólares, y las ganancias diluidas por acción, según los PCGA (Principios de contabilidad generalmente aceptados), se incrementaron un 39 por ciento hasta 0,25 dólares, desde los 0,18 dólares del segundo trimestre del año anterior.
Las ganancias diluidas ajustadas por acción de 0,22 dólares del segundo trimestre de 2011 presentan un incremento del 10 por ciento en comparación con las ganancias diluidas ajustadas por acción de 0,20 dólares registradas en el segundo trimestre de 2010. Estos resultados ajustados no incluyen la devolución en efectivo de 21 millones de dólares de impuestos durante el segundo trimestre de 2011, ni los gastos de reestructuración e integración antes de impuestos, que fueron de 22 millones de dólares durante el segundo trimestre de 2010.
"Los resultados del segundo trimestre demuestran que los grandes esfuerzos de nuestro equipo continúan dando sus frutos", afirmó Ron Sargent, Chairman y Chief Executive Officer de Staples. "Nuestro negocio principal es sólido, nuestras iniciativas de crecimiento están ganando dinamismo, y hemos proporcionado unos beneficios y flujos de efectivo mejores de los previstos".
La tasa de ingresos operativos del segundo trimestre de 2011, según los PCGA, ha disminuido 7 puntos básicos hasta un 4,78 por ciento, en comparación con el segundo trimestre de 2010. Excluyendo los efectos de los gastos de reestructuración e integración del mismo periodo del año anterior, la tasa de ingresos operativos del segundo trimestre de 2011 ha disminuido 46 puntos básicos hasta llegar al 4,78 por ciento. Esta disminución se debe principalmente a las inversiones en mano de obra y marketing realizadas en Norteamérica para respaldar iniciativas de crecimiento, que se vieron en parte compensadas por la mejora de los márgenes de los productos en Norteamérica y la reducción de los gastos generales en el negocio de productos de oficina en Europa.
La tasa real de impuestos de la empresa en el segundo trimestre de 2011 ha sido del 25,7 por ciento, frente al 37,5 por ciento del segundo trimestre de 2010. Esta disminución de la tasa real de impuestos se debe al cobro de créditos fiscales en el negocio International durante el segundo trimestre de 2011, así como al restablecimiento, durante el cuarto trimestre de 2010, de las disposiciones tributarias que permiten diferir el impuesto de sociedades sobre determinados ingresos del exterior. Los créditos fiscales cobrados en el segundo trimestre de 2011 estaban relacionados con el negocio de Corporate Express en Europa.
Este año hasta la fecha, la empresa ha generado un flujo de efectivo operativo de 302 millones de dólares e invertido 164 millones de dólares en gastos de capital, lo que ha dado lugar a un flujo de fondos disponibles de 138 millones para el primer semestre de 2011. Al término del segundo trimestre, la empresa presentaba una liquidez de 1.800 millones de dólares, incluidos 823 millones en dinero y cuasidinero.
La empresa recuperó 12 millones de sus acciones por 199 millones de dólares durante el segundo trimestre, y en lo que va de año ha recuperado 19 millones de acciones por 346 millones de dólares.
North American Delivery
En el segundo trimestre de 2011 North American Delivery registró unas ventas de 2.400 millones de dólares, lo que representa un aumento del 3,1 por ciento en comparación con el mismo periodo del año anterior. El crecimiento de dos dígitos de las ventas de suministros para instalaciones y salas de descanso, la alta tasa de adquisición de nuevos clientes, así como los efectos positivos de los tipos de cambio, impulsaron los ingresos totales por ventas. Con un 8,42 por ciento, la tasa de ingresos operativos se redujo 33 puntos básicos en comparación con el segundo trimestre del 2010. Esta reducción se debe principalmente al aumento de la mano de obra para respaldar iniciativas de crecimiento, al incremento de los costes de combustible y a las inversiones en el desarrollo de sitios web y en otros sistemas de información, compensados en parte por la reducción de los gastos de marketing y las mejoras de la cadena de suministro.
North American Retail
Las ventas de North American Retail en el segundo trimestre de 2011 ascendieron a 2.000 millones de dólares, lo que representa un incremento del 1,7 por ciento en dólares estadounidenses y del 0,1 por ciento en moneda local en comparación con el segundo trimestre de 2010. La cifra de ventas comparables en tiendas del segundo trimestre de 2011 se mantuvo al mismo nivel que la del segundo trimestre de 2010, lo que refleja una disminución del uno por ciento en el tráfico de clientes, compensada por un aumento del uno por ciento en el tamaño medio de los pedidos. Con un 5,03 por ciento, la tasa de ingresos operativos se redujo 23 puntos básicos en comparación con el segundo trimestre de 2010. Esta reducción se debe fundamentalmente al aumento de los gastos de marketing y de mano de obra destinados a impulsar el crecimiento en el negocio de las soluciones de copia e impresión y de tecnología, compensado en parte por la mejora de los márgenes de los productos y el retroceso de los gastos de alquileres y ocupación. La empresa abrió cuatro tiendas y cerró dos en Estados Unidos de América, y abrió cuatro en Canadá, para terminar el segundo trimestre de 2011 con 1.907 tiendas en toda Norteamérica.
International
Las ventas de International en el segundo trimestre de 2011 ascendieron a 1.300 millones de dólares, lo que representa un aumento del 15,2 por ciento en dólares estadounidenses y una disminución del 0,1 por ciento en moneda local con respecto al mismo periodo del año anterior. El crecimiento de entre un 4 y un 6 por ciento de las ventas del negocio European Delivery se vio compensado por una caída del 5 por ciento de las ventas comparables en tiendas de Europa, así como por la débil cifra de ventas de la división Printing Systems. Con un 1,24 por ciento, la tasa de ingresos operativos aumentó 7 puntos básicos en comparación con el segundo trimestre del 2010. Este aumento se debe ante todo a los estrictos controles de los gastos generales y administrativos en Europa, compensados por el desapalancamiento de la cadena de suministro y el gasto en mano de obra en European Delivery y Australia. La empresa abrió una tienda en Alemania y cerró otra en China durante el segundo trimestre de 2011. El negocio International terminó el trimestre con 378 tiendas.
Previsiones
Para el tercer trimestre de 2011, la empresa prevé que las ventas se incrementen entre un 1 y un 3 por ciento con respecto al mismo periodo de 2010 y que las ganancias diluidas por acción, según los PCGA estadounidenses, oscilen entre 0,46 y 0,48 dólares. Para todo el año 2011, la empresa espera que las ventas se incrementen entre un 1 y un 3 por ciento con respecto a 2010 y que las ganancias diluidas por acción, según los PCGA estadounidenses, oscilen entre 1,42 y 1,48 dólares. Sin contar la devolución de impuestos durante el segundo trimestre, de aproximadamente 21 millones de dólares ó 0,03 dólares por acción, la empresa espera que las ganancias diluidas ajustadas por acción de todo 2011 se sitúen entre 1,39 y 1,45 dólares. A día de hoy Staples prevé que su tasa real de impuestos en todo el año sea del 34 por ciento, excluyendo la devolución de impuestos del segundo trimestre.
La empresa espera generar en 2011 más de 1.000 millones en flujo de efectivo después de destinar alrededor de 400 millones de dólares en gastos de capital a inversiones en iniciativas de crecimiento, sistemas, la integración de las redes de distribución en Norteamérica y Europa, remodelaciones y nuevas tiendas.
Presentation of Non-GAAP Information
This press release presents certain results both with and without the integration and restructuring expense associated with Corporate Express in 2010, certain results for 2010 and 2011 both with and without the impact of fluctuations in foreign currency exchange rates, and certain results with and without the impact of the tax refund in 2011. The presentation of results that excludes these items, as well as the presentation of free cash flow, 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 meaningful 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 in GAAP as well as non-GAAP results. In addition, Management presents the most comparable GAAP measures ahead of non-GAAP measures and provides a reconciliation that indicates and describes the adjustments made.
Comunicación colectiva en el día de hoy
La empresa realizará una comunicación colectiva hoy a las 9:00 h de la mañana (hora europea) para analizar estos resultados y previsiones. Los inversores están invitados a escuchar la comunicación en http://investor.staples.com.
Acerca de Staples
Staples es la mayor empresa de artículos de oficina del mundo y un proveedor de confianza de soluciones para oficina. La empresa suministra productos, servicios y conocimientos expertos en las áreas de suministros de oficina, copia e impresión, tecnología, instalaciones y salas de descanso, y mobiliario. Staples concibió la idea de supertienda de oficina en 1986 y en la actualidad registra unas ventas anuales de 25.000 millones de dólares y es la segunda empresa del mundo en ventas mediante comercio electrónico. Con 90.000 asociados en todo el mundo, Staples desarrolla su actividad en 26 países de América, Europa, Asia y Australia, allanando el camino a empresas de todos los tamaños y a consumidores. Tiene su sede principal en las afueras de Boston. Si desea más información sobre Staples (Nasdaq: SPLS), visite 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. Any statements contained in this news release that are not statements of historical fact should be considered forward-looking statements. You can identify these forward-looking statements by the use of the words "believes", "expects", "anticipates", "plans", "may", "will", "would", "intends", "estimates", and other similar expressions, whether in the negative of affirmative. 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 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; 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; problems in our information systems and technologies may disrupt our operations; compromises of our information systems or unauthorized access to confidential information or our customers´ or associates´ personal information may materially harm our business or damage our reputation; various legal proceedings, third party claims, investigations or audits may adversely affect our business and financial performance; 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.
Más información financiera.
| STAPLES, INC. AND SUBSIDIARIES | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| (Dollar Amounts in Thousands, Except Share Data) | |||||||||||
| (Unaudited) | |||||||||||
July 30, | January 29, 2011 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 823,124 | $ | 1,461,257 | |||||||
| Receivables, net | 1,965,860 | 1,970,483 | |||||||||
| Merchandise inventories, net | 2,683,876 | 2,359,173 | |||||||||
| Deferred income tax assets | 293,710 | 295,232 | |||||||||
| Prepaid expenses and other current assets | 418,845 | 382,022 | |||||||||
| Total current assets | 6,185,415 | 6,468,167 | |||||||||
| Property and equipment: | |||||||||||
| Land and buildings | 1,079,954 | 1,064,981 | |||||||||
| Leasehold improvements | 1,374,242 | 1,328,397 | |||||||||
| Equipment | 2,336,928 | 2,287,505 | |||||||||
| Furniture and fixtures | 1,074,943 | 1,032,502 | |||||||||
| Total property and equipment | 5,866,067 | 5,713,385 | |||||||||
| Less accumulated depreciation and amortization | 3,735,916 | 3,565,614 | |||||||||
| Net property and equipment | 2,130,151 | 2,147,771 | |||||||||
| Intangible assets, net of accumulated amortization | 500,107 | 522,722 | |||||||||
| Goodwill | 4,171,531 | 4,073,162 | |||||||||
| Other assets | 694,016 | 699,845 | |||||||||
| Total assets | $ | 13,681,220 | $ | 13,911,667 | |||||||
| LIABILITIES AND STOCKHOLDERS´ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 2,300,633 | $ | 2,208,386 | |||||||
| Accrued expenses and other current liabilities | 1,274,667 | 1,497,851 | |||||||||
| Debt maturing within one year | 360,725 | 587,356 | |||||||||
| Total current liabilities | 3,936,025 | 4,293,593 | |||||||||
| Long-term debt | 1,930,616 | 2,014,407 | |||||||||
| Other long-term obligations | 694,927 | 652,486 | |||||||||
| 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 918,499,281 shares at July 30, 2011 and 908,449,980 shares at January 29, 2011 | 551 | 545 | |||||||||
| Additional paid-in capital | 4,447,869 | 4,334,735 | |||||||||
| Accumulated other comprehensive income (loss) | 90,056 | (96,933 | ) | ||||||||
| Retained earnings | 6,726,380 | 6,492,340 | |||||||||
| Less: treasury stock at cost, 208,275,541 shares at July 30, 2011 | |||||||||||
| and 187,536,869 shares at January 29, 2011 | (4,152,180 | ) | (3,786,977 | ) | |||||||
| Total Staples, Inc. stockholders´ equity | 7,112,676 | 6,943,710 | |||||||||
| Noncontrolling interests | 6,976 | 7,471 | |||||||||
| Total stockholders´ equity | 7,119,652 | 6,951,181 | |||||||||
| Total liabilities and stockholders´ equity | $ | 13,681,220 | $ | 13,911,667 | |||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 13 Weeks Ended | 26 Weeks Ended | |||||||||||||||
July 30, | July 31, 2010 | July 30, 2011 | July 31, 2010 | |||||||||||||
| Sales | $ | 5,819,612 | $ | 5,534,240 | $ | 11,992,550 | $ | 11,592,035 | ||||||||
| Cost of goods sold and occupancy costs | 4,279,232 | 4,071,532 | 8,815,777 | 8,510,272 | ||||||||||||
| Gross profit | 1,540,380 | 1,462,708 | 3,176,773 | 3,081,763 | ||||||||||||
| Operating and other expenses: | ||||||||||||||||
| Selling, general and administrative | 1,246,047 | 1,158,025 | 2,516,821 | 2,378,493 | ||||||||||||
| Amortization of intangibles | 16,194 | 14,886 | 33,486 | 30,285 | ||||||||||||
| Integration and restructuring costs | - | 21,644 | - | 42,526 | ||||||||||||
Total operating and other expenses | 1,262,241 | 1,194,555 | 2,550,307 | 2,451,304 | ||||||||||||
| Operating income | 278,139 | 268,153 | 626,466 | 630,459 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest income | 1,519 | 1,891 | 3,978 | 3,662 | ||||||||||||
| Interest expense | (41,885 | ) | (53,169 | ) | (90,678 | ) | (108,643 | ) | ||||||||
| Other expense | (369 | ) | (4,604 | ) | (557 | ) | (5,235 | ) | ||||||||
| Consolidated income before income taxes | 237,404 | 212,271 | 539,209 | 520,243 | ||||||||||||
| Income tax expense | 61,104 | 79,602 | 165,227 | 195,092 | ||||||||||||
| Consolidated net income | 176,300 | 132,669 | 373,982 | 325,151 | ||||||||||||
| (Loss) income attributed to noncontrolling interests | (138 | ) | 2,913 | (701 | ) | 6,625 | ||||||||||
| Net income attributed to Staples, Inc. | $ | 176,438 | $ | 129,756 | $ | 374,683 | $ | 318,526 | ||||||||
| Earnings Per Share: | ||||||||||||||||
| Basic earnings per common share | $ | 0.25 | $ | 0.18 | $ | 0.53 | $ | 0.44 | ||||||||
| Diluted earnings per common share | $ | 0.25 | $ | 0.18 | $ | 0.53 | $ | 0.44 | ||||||||
| Dividends declared per common share | $ | 0.10 | $ | 0.09 | $ | 0.20 | $ | 0.18 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 698,917,409 | 719,485,888 | 702,617,764 | 719,140,537 | ||||||||||||
| Diluted | 708,671,474 | 729,735,085 | 713,037,114 | 730,942,077 | ||||||||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 26 Weeks Ended | ||||||||
| July 30, 2011 | July 31, 2010 | |||||||
| Operating Activities: | ||||||||
| Consolidated net income, including (loss) income from the noncontrolling interests | $ | 373,982 | $ | 325,151 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 245,036 | 247,965 | ||||||
| Stock-based compensation | 81,470 | 69,629 | ||||||
| Excess tax benefits from stock-based compensation arrangements | (942 | ) | - | |||||
| Deferred income tax expense | 54,170 | 6,209 | ||||||
| Other | 9,901 | (1,904 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Decrease in receivables | 58,957 | 15,993 | ||||||
| Increase in merchandise inventories | (276,649 | ) | (253,211 | ) | ||||
| Increase in prepaid expenses and other assets | (38,399 | ) | (77,651 | ) | ||||
| Increase in accounts payable | 45,794 | 80,583 | ||||||
| Decrease in accrued expenses and other liabilities | (264,790 | ) | (237,590 | ) | ||||
| Increase in other long-term obligations | 13,634 | 70,252 | ||||||
| Net cash provided by operating activities | 302,164 | 245,426 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (164,149 | ) | (150,719 | ) | ||||
| Acquisition of businesses, net of cash acquired | - | (39,270 | ) | |||||
| Net cash used in investing activities | (164,149 | ) | (189,989 | ) | ||||
| Financing Activities: | ||||||||
| Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans | ||||||||
| 31,559 | 38,443 | |||||||
| Proceeds from issuance of commercial paper, net of repayments | 254,926 | - | ||||||
| Proceeds from borrowings | 118,174 | 95,889 | ||||||
| Payments on borrowings, including payment of deferred financing fees | (698,631 | ) | (113,327 | ) | ||||
Purchase of noncontrolling interest | - | (345,963 | ) | |||||
| Cash dividends paid | (140,643 | ) | (130,100 | ) | ||||
| Excess tax benefits from stock-based compensation arrangements | 942 | - | ||||||
| Purchase of treasury stock, net | (365,203 | ) | (128,745 | ) | ||||
| Net cash used in financing activities | (798,876 | ) | (583,803 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 22,728 | (15,493 | ) | |||||
| Net decrease in cash and cash equivalents | (638,133 | ) | (543,859 | ) | ||||
| Cash and cash equivalents at beginning of period | 1,461,257 | 1,415,819 | ||||||
| Cash and cash equivalents at end of period | $ | 823,124 | $ | 871,960 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Segment Reporting | ||||||||||||||||
| (Dollar Amounts in Thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 13 Weeks Ended | 26 Weeks Ended | |||||||||||||||
| July 30, 2011 | July 31, 2010 | July 30, 2011 | July 31, 2010 | |||||||||||||
| Sales: | ||||||||||||||||
| North American Delivery | $ | 2,433,217 | $ | 2,359,427 | $ | 4,944,863 | $ | 4,822,081 | ||||||||
| North American Retail | 2,045,143 | 2,010,549 | 4,373,228 | 4,322,759 | ||||||||||||
| International Operations | 1,341,252 | 1,164,264 | 2,674,459 | 2,447,195 | ||||||||||||
| Total segment sales | $ | 5,819,612 | $ | 5,534,240 | $ | 11,992,550 | $ | 11,592,035 | ||||||||
| Business Unit Income: | ||||||||||||||||
| North American Delivery | $ | 204,765 | $ | 206,421 | $ | 401,615 | $ | 409,937 | ||||||||
| North American Retail | 102,872 | 105,694 | 280,221 | 282,243 | ||||||||||||
| International Operations | 16,576 | 13,546 | 26,100 | 50,434 | ||||||||||||
| Business unit income | 324,213 | 325,661 | 707,936 | 742,614 | ||||||||||||
| Stock-based compensation | (46,074 | ) | (35,864 | ) | (81,470 | ) | (69,629 | ) | ||||||||
| Interest and other expense, net | (40,735 | ) | (55,882 | ) | (87,257 | ) | (110,216 | ) | ||||||||
| Integration and restructuring costs | - | (21,644 | ) | - | (42,526 | ) | ||||||||||
| Consolidated income before income taxes | $ | 237,404 | $ | 212,271 | $ | 539,209 | $ | 520,243 | ||||||||
| STAPLES, INC. AND SUBSIDIARIES | |||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Income Statement Disclosures | |||||||||||||||||
| (Dollar Amounts in Thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| 13 Weeks Ended | ||||||||||||||||
| July 30, 2011 | ||||||||||||||||
| Operating expenses | Operating income | Consolidated income | Income tax expense | Net income | |||||||||||||
| GAAP, as reported | $ | 1,262,241 | $ | 278,139 | $ | 237,404 | $ | 61,104 | $ | 176,438 | |||||||
| Tax refund | - | - | - | 20,800 | (20,800 | ) | |||||||||||
| Non-GAAP, as adjusted | $ | 1,262,241 | $ | 278,139 | $ | 237,404 | $ | 81,904 | $ | 155,638 | |||||||
| 13 Weeks Ended | ||||||||||||||||
| July 31, 2010 | ||||||||||||||||
Operating expenses | Operating income | Consolidated income | Income tax expense | Net income | |||||||||||||
| GAAP, as reported | $ | 1,194,555 | $ | 268,153 | $ | 212,271 | $ | 79,602 | $ | 129,756 | |||||||
| Integration and restructuring costs | (21,644 | ) | 21,644 | 21,644 | 8,116 | 13,528 | |||||||||||
| Non-GAAP, as adjusted | $ | 1,172,911 | $ | 289,797 | $ | 233,915 | $ | 87,718 | $ | 143,284 | |||||||
| 26 Weeks Ended | ||||||||||||||||
| July 30, 2011 | ||||||||||||||||
| Operating expenses | Operating income | Consolidated income | Income tax expense | Net income | |||||||||||||
| GAAP, as reported | $ | 2,550,307 | $ | 626,466 | $ | 539,209 | $ | 165,227 | $ | 374,683 | |||||||
| Tax refund | - | - | - | 20,800 | (20,800 | ) | |||||||||||
| Non-GAAP, as adjusted | $ | 2,550,307 | $ | 626,466 | $ | 539,209 | $ | 186,027 | $ | 353,883 | |||||||
| 26 Weeks Ended | ||||||||||||||||
| July 31, 2010 | ||||||||||||||||
| Operating expenses | Operating income | Consolidated income | Income tax expense | Net income | |||||||||||||
| GAAP, as reported | $ | 2,451,304 | $ | 630,459 | $ | 520,243 | $ | 195,092 | $ | 318,526 | |||||||
| Integration and restructuring costs | (42,526 | ) | 42,526 | 42,526 | 15,947 | 26,579 | |||||||||||
| Non-GAAP, as adjusted | $ | 2,408,778 | $ | 672,985 | $ | 562,769 | $ | 211,039 | $ | 345,105 | |||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||
| Reconciliation of GAAP to Non-GAAP Sales Growth | ||||||
| (Unaudited) | ||||||
| 13 Weeks Ended July 30, 2011 | ||||||
Sales Growth | Impact of Local | Sales Growth on a | ||||
| Sales: | ||||||
| North American Delivery | 3.1% | (0.6%) | 2.5% | |||
| North American Retail | 1.7% | (1.6%) | 0.1% | |||
| International Operations | 15.2% | (15.3%) | (0.1)% | |||
| Total sales | 5.2% | (4.1%) | 1.1% | |||
| 26 Weeks Ended July 30, 2011 | ||||||
Sales Growth | Impact of Local | Sales Growth on a | ||||
| Sales: | ||||||
| North American Delivery | 2.5% | (0.5)% | 2.0% | |||
| North American Retail | 1.2% | (1.4)% | (0.2)% | |||
| International Operations | 9.3% | (10.5)% | (1.2)% | |||
| Total sales | 3.5% | (3.0)% | 0.5% | |||
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.
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Reconciliation of Operating Cash Flow to Free Cash Flow | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 26 Weeks Ended | ||||||||
| July 30, 2011 | July 31, 2010 | |||||||
| Net cash provided by operating activities | $ | 302,164 | $ | 245,426 | ||||
| Acquisition of property and equipment | (164,149 | ) | (150,719 | ) | ||||
| Free cash flow | $ | 138,015 | $ | 94,707 | ||||
Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the company´s ability to generate cash and invest in its business.
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