Staples, Inc. (Nasdaq: SPLS) ha hecho públicos hoy sus resultados del segundo trimestre, cerrado el 28 de julio de 2012. Las ventas totales de la empresa en el segundo trimestre de 2012 han sido de 5.500 millones de dólares estadounidenses, lo que representa una disminución del 6 por ciento en dólares y del 3 por ciento en moneda local en comparación con el mismo periodo de 2011. Las ganancias diluidas por acción, según los PCGA (principios de contabilidad generalmente aceptados), han disminuido un 28 por ciento hasta 0,18 dólares estadounidenses, desde los 0,25 dólares alcanzados en el segundo trimestre de 2011.
Durante el segundo trimestre de 2011, la empresa recibió una devolución de impuestos de 21 millones de dólares estadounidenses en efectivo. Sin contar el efecto positivo de dicha devolución de impuestos, las ganancias diluidas por acción han disminuido un 18 por ciento en comparación con las ganancias diluidas ajustadas por acción de 0,22 dólares registradas en el año anterior.
"Los resultados del segundo trimestre no han cumplido nuestras expectativas debido a que, en Norteamérica, la tendencia de las ventas ha sido menor de lo esperado y, en Europa y Australia, continúa la debilidad", explica Ron Sargent, presidente y director ejecutivo de Staples. "Aunque seguimos impulsando otras categorías aparte de los artículos de oficina, estas mejoras no han logrado compensar los bajos resultados en los ordenadores y los artículos básicos para oficina durante el segundo trimestre."
La tasa de ingresos operativos del segundo trimestre de 2012 ha disminuido 78 puntos básicos hasta un 4 por ciento. Las principales causas de esta disminución han sido el desapalancamiento de los gastos fijos y la caída de los márgenes de los productos, que se han compensado por la reducción en los gastos de marketing.
Este año hasta la fecha, la empresa ha generado un flujo de efectivo operativo de 257 millones de dólares y ha invertido 126 millones de dólares en gastos de capital, lo que ha dado lugar a un flujo de fondos disponibles de 131 millones para el primer semestre de 2012. La empresa ha recuperado 12,1 millones de acciones por 159 millones de dólares durante el segundo trimestre de 2012. Al término del segundo trimestre, la empresa presenta una liquidez de 2.100 millones de dólares, incluidos 1.000 millones en dinero y cuasidinero.
North American Delivery
En el segundo trimestre de 2012, North American Delivery ha registrado unas ventas de 2.400 millones de dólares, lo que representa una disminución del 1 por ciento en dólares estadounidenses pero el mismo nivel en moneda local en comparación con el segundo trimestre de 2011. Este resultado se debe, sobre todo, a la ya anunciada pérdida de dos grandes clientes de contrato durante el tercer trimestre de 2011, que se ha compensado por el crecimiento de las ventas de suministros para instalaciones y salas de descanso y de los productos promocionales. La tasa de ingresos operativos ha disminuido 72 puntos básicos, hasta el 7,70 por ciento, en comparación con el resultado del segundo trimestre de 2011. La disminución refleja la caída de los márgenes de los productos y las inversiones destinadas a favorecer el crecimiento de Staples.com, que se ha compensado en parte con la reducción en los gastos de marketing.
North American Retail
Las ventas de North American Retail de 2.000 millones de dólares han supuesto un retroceso del 3 por ciento en comparación con el segundo trimestre de 2011. La cifra de ventas comparables en tiendas del segundo trimestre de 2012 ha disminuido un 2 por ciento por la disminución del 2 por ciento en el tráfico y la ausencia de variaciones en el valor medio de los pedidos con respecto al año anterior. La reducción en las ventas de ordenadores, software y accesorios informáticos se ha compensado hasta cierto punto con el aumento experimentado por las áreas de copia e impresión, los teléfonos móviles y sus accesorios así como los suministros para instalaciones y salas de descanso. La tasa de ingresos operativos ha disminuido 59 puntos básicos, hasta el 4,44 por ciento, en comparación con el resultado del segundo trimestre de 2011. Este resultado se debe, sobre todo, al desapalancamiento de los gastos fijos, que se ha compensado hasta cierto punto con el aumento en los márgenes de los productos y la reducción en los gastos de marketing. Durante el segundo trimestre, la empresa ha abierto 4 tiendas y ha cerrado 5 en Estados Unidos de Norteamérica y ha abierto 2 tiendas en Canadá, con lo que, al término del segundo trimestre de 2012, cuenta con 1.915 tiendas en estos países.
Operaciones internacionales
En el segundo trimestre, las ventas en operaciones internacionales han ascendido a 1.100 millones de dólares, lo que representa una disminución del 18 por ciento en dólares estadounidenses y del 10 por ciento en moneda local en comparación con el mismo periodo de 2011. Estos resultados se deben a la débil cifra de ventas en Europa y Australia. La debilidad económica ha sido la causa del descenso en el negocio de venta a distancia de la empresa en Europa así como de la caída del 9 por ciento de las ventas comparables en tiendas de Europa. En comparación con el resultado del segundo trimestre de 2011, la tasa de ingresos operativos ha disminuido 325 puntos básicos hasta una pérdida operativa del 2,01 por ciento. Este resultado se debe, sobre todo, al desapalancamiento de los gastos fijos tanto en Europa como en Australia y a la disminución de los márgenes de los productos en Europa. Durante el segundo trimestre, la empresa ha cerrado 1 tienda, con lo que, al término del segundo trimestre de 2012, cuenta con 375 tiendas en el ámbito de las operaciones internacionales.
Previsiones
Los resultados empresariales del segundo trimestre han sido peores de lo previsto. En consecuencia, la empresa ha reajustado a la baja sus pronósticos de ventas y beneficios. Según las actuales previsiones para 2012, se espera un lento crecimiento de la economía estadounidense y que continúe la escasa demanda en Europa. "Estamos revisando a fondo cada una de nuestras actividades porque pretendemos aplicar cambios significativos que mejoren los resultados", afirma Sargent. "También estamos trazando un plan para reasignar recursos, aprovechar nuestras mejores oportunidades de crecimiento y aumentar el ahorro de costes."
Incluyendo los efectos de la 53.ª semana del año fiscal 2012 y los efectos negativos de los tipos de cambio, la empresa prevé que las ventas totales del año no varíen en comparación con el año anterior y que las ganancias diluidas por acción de todo el año aumenten entre un 1 y un 3 por ciento con respecto a las ganancias diluidas ajustadas por acción de 1,37 dólares conseguidas en 2011. La empresa prevé que su tasa real de impuestos en todo el año sea del 32,5 por ciento y espera generar más de 1.000 millones de flujo de fondos disponibles en 2012.
Presentation of Non-GAAP Information
This press release presents certain results for 2011 and 2012 both with and without the impact of fluctuations in foreign currency exchange rates, and certain results 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. Non-GAAP financial measures which have not been reconciled here within, or reconciled in previous public disclosures, are provided below. Management believes that the non-GAAP financial measures better enable management and investors to understand and analyze our performance by providing meaningful information relevant to events of a non-recurring nature that impact the comparability of underlying business results from period to period. 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, when first disclosed, management presents the most comparable GAAP measures ahead of non-GAAP measures and provides a reconciliation that indicates and describes the adjustments made. For a reconciliation of previously disclosed non-GAAP financial measures, please see the "Financial Measures and Other Data" section of the Investor Information portion of www.staples.com.
Comunicación colectiva en el día de hoy
La empresa realizará una comunicación colectiva hoy a las 8:00 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 88.000 asociados en todo el mundo, Staples desarrolla su actividad en 26 países de América, Europa, Asia y Australia y allana el camino a empresas de todos los tamaños y a los 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 or 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; if the products and services that we offer fail to meet our customer needs, our performance could be adversely affected; we may be unable to continue to enter new markets successfully; our expanding international operations expose us to risks inherent in foreign operations; failure to manage growth and continue to expand our operations successfully could adversely affect our financial results; our effective tax rate may fluctuate; fluctuations in foreign exchange rates could lead to lower earnings; we may be unable to attract, train, engage 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; we could incur significant goodwill impairment charges; 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; our business may be adversely affected by the actions of and risks associated with third-party vendors and service providers; various legal proceedings may adversely affect our business and financial performance; failure to comply with laws, rules and regulations could negatively affect our business operations 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 28, 2012 | January 28, 2012 | ||||||||||||
| ASSETS | |||||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ | 984,666 | $ | 1,264,149 | |||||||||
| Receivables, net | 1,855,933 | 2,033,680 | |||||||||||
| Merchandise inventories, net | 2,629,598 | 2,431,845 | |||||||||||
| Deferred income tax assets | 297,423 | 305,611 | |||||||||||
| Prepaid expenses and other current assets | 354,324 | 255,535 | |||||||||||
| Total current assets | 6,121,944 | 6,290,820 | |||||||||||
| Property and equipment: | |||||||||||||
| Land and buildings | 1,013,859 | 1,034,983 | |||||||||||
| Leasehold improvements | 1,320,250 | 1,330,373 | |||||||||||
| Equipment | 2,505,464 | 2,462,351 | |||||||||||
| Furniture and fixtures | 1,083,612 | 1,084,358 | |||||||||||
| Total property and equipment | 5,923,185 | 5,912,065 | |||||||||||
| Less: Accumulated depreciation | 3,952,490 | 3,831,704 | |||||||||||
| Net property and equipment | 1,970,695 | 2,080,361 | |||||||||||
| Intangible assets, net of accumulated amortization | 412,266 | 449,781 | |||||||||||
| Goodwill | 3,861,584 | 3,982,130 | |||||||||||
| Other assets | 626,594 | 627,530 | |||||||||||
| Total assets | $ | 12,993,083 | $ | 13,430,622 | |||||||||
| LIABILITIES AND STOCKHOLDERS´ EQUITY | |||||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 2,236,141 | $ | 2,220,414 | |||||||||
| Accrued expenses and other current liabilities | 1,198,676 | 1,414,721 | |||||||||||
| Debt maturing within one year | 498,987 | 439,143 | |||||||||||
| Total current liabilities | 3,933,804 | 4,074,278 | |||||||||||
| Long-term debt | 1,542,550 | 1,599,037 | |||||||||||
| Other long-term obligations | 719,976 | 735,094 | |||||||||||
| 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 and outstanding | |||||||||||||
| 929,462,709 and 683,273,551 at July 28, 2012 and 922,126,579 and 695,743,547 at | |||||||||||||
| January 28, 2012, respectively | 558 | 553 | |||||||||||
| Additional paid-in capital | 4,633,946 | 4,551,299 | |||||||||||
| Accumulated other comprehensive loss | (514,791 | ) | (319,743 | ) | |||||||||
| Retained earnings | 7,358,003 | 7,199,060 | |||||||||||
| Less: Treasury stock at cost, 246,189,158 shares at July 28, 2012 | |||||||||||||
| and 226,383,032 shares at January 28, 2012 | (4,688,011 | ) | (4,416,018 | ) | |||||||||
| Total Staples, Inc. stockholders´ equity | 6,789,705 | 7,015,151 | |||||||||||
| Noncontrolling interests | 7,048 | 7,062 | |||||||||||
| Total stockholders´ equity | 6,796,753 | 7,022,213 | |||||||||||
| Total liabilities and stockholders´ equity | $ | 12,993,083 | $ | 13,430,622 | |||||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 13 Weeks Ended | 26 Weeks Ended | |||||||||||||||||||
| July 28, 2012 | July 30, 2011 | July 28, 2012 | July 30, 2011 | |||||||||||||||||
| Sales | $ | 5,498,496 | $ | 5,819,612 | $ | 11,603,321 | $ | 11,992,550 | ||||||||||||
| Cost of goods sold and occupancy costs | 4,071,211 | 4,279,232 | 8,566,321 | 8,815,777 | ||||||||||||||||
| Gross profit | 1,427,285 | 1,540,380 | 3,037,000 | 3,176,773 | ||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Selling, general and administrative | 1,192,433 | 1,246,047 | 2,468,834 | 2,516,821 | ||||||||||||||||
| Amortization of intangibles | 14,795 | 16,194 | 30,053 | 33,486 | ||||||||||||||||
| Total operating expenses | 1,207,228 | 1,262,241 | 2,498,887 | 2,550,307 | ||||||||||||||||
| Operating income | 220,057 | 278,139 | 538,113 | 626,466 | ||||||||||||||||
| Other (expense) income: | ||||||||||||||||||||
| Interest income | 1,450 | 1,519 | 3,101 | 3,978 | ||||||||||||||||
| Interest expense | (41,793 | ) | (41,885 | ) | (84,097 | ) | (90,678 | ) | ||||||||||||
| Other expense | (1,352 | ) | (369 | ) | (1,698 | ) | (557 | ) | ||||||||||||
| Consolidated income before income taxes | 178,362 | 237,404 | 455,419 | 539,209 | ||||||||||||||||
| Income tax expense | 57,967 | 61,104 | 148,011 | 165,227 | ||||||||||||||||
| Consolidated net income | 120,395 | 176,300 | 307,408 | 373,982 | ||||||||||||||||
| Loss attributed to noncontrolling interests | (34 | ) | (138 | ) | (80 | ) | (701 | ) | ||||||||||||
| Net income attributed to Staples, Inc. | $ | 120,429 | $ | 176,438 | $ | 307,488 | $ | 374,683 | ||||||||||||
| Earnings Per Share: | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.18 | $ | 0.25 | $ | 0.45 | $ | 0.53 | ||||||||||||
| Diluted earnings per common share | $ | 0.18 | $ | 0.25 | $ | 0.45 | $ | 0.53 | ||||||||||||
| Dividends declared per common share | $ | 0.11 | $ | 0.10 | $ | 0.22 | $ | 0.20 | ||||||||||||
| Consolidated comprehensive (loss) income | $ | (96,529 | ) | $ | 59,124 | $ | 112,426 | $ | 561,177 | |||||||||||
| Comprehensive loss attributed to noncontrolling interests | (115 | ) | (48 | ) | (14 | ) | (495 | ) | ||||||||||||
| Comprehensive (loss) income attributed to Staples, Inc | $ | (96,414 | ) | $ | 59,172 | $ | 112,440 | $ | 561,672 | |||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 672,862,462 | 698,917,409 | 676,554,028 | 702,617,764 | ||||||||||||||||
| Diluted | 679,124,446 | 708,671,474 | 684,280,648 | 713,037,114 | ||||||||||||||||
| STAPLES, INC. AND SUBSIDIARIES | |||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||
| (Dollar Amounts in Thousands) | |||||||||||||
| (Unaudited) | |||||||||||||
| 26 Weeks Ended | |||||||||||||
| July 28, 2012 | July 30, 2011 | ||||||||||||
| Operating Activities: | |||||||||||||
| Consolidated net income, including loss from the noncontrolling interests | $ | 307,408 | $ | 373,982 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
| Depreciation | 201,555 | 211,550 | |||||||||||
| Amortization | 30,053 | 33,486 | |||||||||||
| Stock-based compensation | 63,130 | 81,470 | |||||||||||
| Excess tax benefits from stock-based compensation arrangements | (179 | ) | (942 | ) | |||||||||
| Deferred income tax expense | 8,707 | 54,170 | |||||||||||
| Other | (4,363 | ) | 9,901 | ||||||||||
| Changes in assets and liabilities: | |||||||||||||
| Decrease in receivables | 143,992 | 58,957 | |||||||||||
| Increase in merchandise inventories | (222,872 | ) | (276,649 | ) | |||||||||
| Increase in prepaid expenses and other assets | (104,641 | ) | (38,399 | ) | |||||||||
| Increase in accounts payable | 41,570 | 45,794 | |||||||||||
| Decrease in accrued expenses and other liabilities | (216,573 | ) | (264,790 | ) | |||||||||
| Increase in other long-term obligations | 8,993 | 13,634 | |||||||||||
| Net cash provided by operating activities | 256,780 | 302,164 | |||||||||||
| Investing Activities: | |||||||||||||
| Acquisition of property and equipment | (126,220 | ) | (164,149 | ) | |||||||||
| Net cash used in investing activities | (126,220 | ) | (164,149 | ) | |||||||||
| Financing Activities: | |||||||||||||
| Proceeds from issuance of commercial paper, net of repayments | 49,998 | 254,926 | |||||||||||
| Proceeds from the exercise of stock options | 24,259 | 31,559 | |||||||||||
| Proceeds from borrowings | 47,243 | 118,174 | |||||||||||
| Payments on borrowings | (75,083 | ) | (698,631 | ) | |||||||||
| Purchase of noncontrolling interest | (4,649 | ) | - | ||||||||||
| Cash dividends paid | (148,545 | ) | (140,643 | ) | |||||||||
| Excess tax benefits from stock-based compensation arrangements | 179 | 942 | |||||||||||
| Purchase of treasury stock, net | (271,993 | ) | (365,203 | ) | |||||||||
| Net cash used in financing activities | (378,591 | ) | (798,876 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (31,452 | ) | 22,728 | ||||||||||
| Net decrease in cash and cash equivalents | (279,483 | ) | (638,133 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 1,264,149 | 1,461,257 | |||||||||||
| Cash and cash equivalents at end of period | $ | 984,666 | $ | 823,124 | |||||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| Segment Reporting | ||||||||||||||||||||
| (Dollar Amounts in Thousands) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 13 Weeks Ended | 26 Weeks Ended | |||||||||||||||||||
| July 28, 2012 | July 30, 2011 | July 28, 2012 | July 30, 2011 | |||||||||||||||||
| Sales: | ||||||||||||||||||||
| North American Delivery | $ | 2,412,755 | $ | 2,433,217 | $ | 4,967,826 | $ | 4,944,863 | ||||||||||||
| North American Retail | 1,989,139 | 2,045,143 | 4,312,970 | 4,373,228 | ||||||||||||||||
| International Operations | 1,096,602 | 1,341,252 | 2,322,525 | 2,674,459 | ||||||||||||||||
| Total segment sales | $ | 5,498,496 | $ | 5,819,612 | $ | 11,603,321 | $ | 11,992,550 | ||||||||||||
| Business Unit Income (Loss): | ||||||||||||||||||||
| North American Delivery | $ | 185,767 | $ | 204,765 | $ | 386,726 | $ | 401,615 | ||||||||||||
| North American Retail | 88,413 | 102,872 | 255,368 | 280,221 | ||||||||||||||||
| International Operations | (22,081 | ) | 16,576 | (40,851 | ) | 26,100 | ||||||||||||||
| Business unit income | 252,099 | 324,213 | 601,243 | 707,936 | ||||||||||||||||
| Stock-based compensation | (32,042 | ) | (46,074 | ) | (63,130 | ) | (81,470 | ) | ||||||||||||
| Interest and other expense, net | (41,695 | ) | (40,735 | ) | (82,694 | ) | (87,257 | ) | ||||||||||||
| Consolidated income before income taxes | $ | 178,362 | $ | 237,404 | $ | 455,419 | $ | 539,209 | ||||||||||||
| STAPLES, INC. AND SUBSIDIARIES | |||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Income Statement Disclosures | |||||||||||||||||||||
| (Dollar Amounts in Thousands) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| 13 Weeks Ended | |||||||||||||||||||||
| July 28, 2012 | |||||||||||||||||||||
Operating | Operating income | Consolidated | Income tax expense | Net income | |||||||||||||||||
| GAAP, as reported | $ | 1,207,228 | $ | 220,057 | $ | 178,362 | $ | 57,967 | $ | 120,429 | |||||||||||
| 13 Weeks Ended | |||||||||||||||||||||
| July 30, 2011 | |||||||||||||||||||||
Operating | Operating income | Consolidated | 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 | |||||||||||
| 26 Weeks Ended | |||||||||||||||||||||
| July 28, 2012 | |||||||||||||||||||||
Operating | Operating income | Consolidated | Income tax expense | Net income | |||||||||||||||||
| GAAP, as reported | $ | 2,498,887 | $ | 538,113 | $ | 455,419 | $ | 148,011 | $ | 307,488 | |||||||||||
| 26 Weeks Ended | |||||||||||||||||||||
| July 30, 2011 | |||||||||||||||||||||
Operating | Operating income | Consolidated | Income tax | 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 | |||||||||||
| STAPLES, INC. AND SUBSIDIARIES | |||||||||
| Reconciliation of GAAP to Non-GAAP Sales Growth | |||||||||
| (Unaudited) | |||||||||
| 13 Weeks Ended July 28, 2012 | |||||||||
Sales Growth GAAP | Impact of Local | Sales Growth on a Local Currency Basis | |||||||
| Sales: | |||||||||
| North American Delivery | (0.8)% | 0.4% | (0.4)% | ||||||
| North American Retail | (2.7)% | 1.0% | (1.7)% | ||||||
| International Operations | (18.2)% | 8.2% | (10.0)% | ||||||
| Total sales | (5.5)% | 2.4% | (3.1)% | ||||||
| 26 Weeks Ended July 28, 2012 | |||||||||
Sales Growth GAAP | Impact of Local | Sales Growth on a Local Currency Basis | |||||||
| Sales: | |||||||||
| North American Delivery | 0.5 % | 0.3 % | 0.8 % | ||||||
| North American Retail | (1.4)% | 0.8 % | (0.6)% | ||||||
| International Operations | (13.2)% | 5.7 % | (7.5)% | ||||||
| Total sales | (3.2)% | 1.6 % | (1.6)% | ||||||
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 28, 2012 | July 30, 2011 | |||||||||
| Net cash provided by operating activities | $ | 256,780 | $ | 302,164 | ||||||
| Acquisition of property and equipment | (126,220 | ) | (164,149 | ) | ||||||
| Free cash flow | $ | 130,560 | $ | 138,015 | ||||||
| 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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