Staples, Inc. (Nasdaq:SPLS) ha hecho públicos hoy sus resultados del tercer trimestre, cerrado el 30 de octubre de 2010. Con 6.500 millones de dólares, las ventas totales de la empresa en el tercer trimestre de 2010 han aumentado ligeramente en comparación con el tercer trimestre de 2009. Los ingresos netos del tercer trimestre de 2010 aumentaron en un 7 por ciento interanual hasta 289 millones de dólares, y las ganancias diluidas por acción, según los PCGA (Principios de contabilidad generalmente aceptados), se incrementaron un 8 por ciento hasta 0,40 dólares, desde los 0,37 dólares del tercer trimestre de 2009.
Las ganancias diluidas ajustadas por acción de 0,41 dólares del tercer trimestre de 2010 presentan un incremento del 5 por ciento en comparación con las ganancias diluidas ajustadas por acción de 0,39 dólares alcanzadas en el tercer trimestre de 2009. Estos resultados ajustados no incluyen los gastos de reestructuración e integración antes de impuestos, que han sido de 9 millones de dólares en el tercer trimestre de 2010 y fueron de 16 millones de dólares en el mismo periodo de 2009.
"Nuestras iniciativas de crecimiento en Norteamérica siguen registrando un poderoso crecimiento, y estamos haciendo progresos en la mejora de la rentabilidad de nuestra actividad internacional" dijo Ron Sargent, presidente y director ejecutivo de Staples. "Nuestro sólido rendimiento financiero refleja una ejecución consolidada a medida que invertimos para conseguir crecimiento a largo plazo".
La tasa de ingresos operativos del tercer trimestre de 2010, según los PCGA, ha aumentado 71 puntos básicos hasta un 7,87 por ciento, en comparación con el tercer trimestre de 2009. Excluyendo los efectos de los gastos de reestructuración e integración, la tasa de ingresos operativos del tercer trimestre de 2010 ha aumentado 60 puntos básicos hasta llegar a un 8,01 por ciento. Esta mejora resulta principalmente del incremento de los márgenes de los productos, la reducción del coste de transporte y distribución y la reducción del gasto de amortización.
La tasa real de impuestos de la empresa en el tercer trimestre de 2010 ha sido del 37,5 por ciento, frente al 34,5 por ciento del tercer trimestre de 2009. Este incremento de la tasa real de impuestos se debe a la retirada este año de las medidas fiscales que permiten diferir el impuesto de sociedades sobre determinados ingresos del exterior.
Hasta la fecha, este año la empresa ha generado un flujo de fondos de 758 millones de dólares después de gastos de capital por valor de 246 millones de dólares, con lo que al término del tercer trimestre de 2010 presentaba una liquidez de alrededor 2.600 millones de dólares, incluidos 1.400 millones en dinero y cuasidinero. Durante el tercer trimestre, la empresa recuperó 8 millones de acciones ordinarias por 156 millones de dólares.
Norteamérica Delivery
Las ventas deNorteamérica Delivery en el tercer trimestre de 2010 ascendieron a 2.500 millones de dólares, lo que supone un incremento del 3 por ciento en dólares estadounidenses y de un 2 por ciento en moneda local en comparación con el tercer trimestre de 2009, como resultado de una poderosa tasa de adquisición de nuevos clientes. La tasa de ingresos operativos se mantuvo plana en un 8,85 por ciento en comparación con el tercer trimestre de 2009. La mejora de la tasa de ingresos operativos generada por la reducción del gasto de amortización y la eficacia de la cadena de suministro se vio compensada por las inversiones en iniciativas de crecimiento.
Norteamérica Retail
Las ventas de NorteaméricaRetail en el tercer trimestre de 2010 ascendieron a 2.600 millones de dólares, lo que, en comparación con el tercer trimestre de 2009, representa un incremento del 1 por ciento en dólares estadounidenses y no representa ninguna variación en moneda local. La cifra de ventas comparables en tiendas del tercer trimestre de 2010 cayó en un 1 por ciento en comparación con el tercer trimestre de 2009. La tasa de ingresos operativos ha aumentado 47 puntos básicos hasta un 10,58 por ciento en comparación con el resultado del tercer trimestre de 2009. Esta mejora resulta principalmente del incremento de los márgenes de los productos así como de la reducción del gasto de depreciación, compensado por inversiones en mano de obra. Norteamérica Retail ha abierto 10 tiendas y cerrado una, con lo que al final del tercer trimestre de 2010 contaba con 1.897 tiendas en Norteamérica.
Internacional
Las ventas de Internacional en el tercer trimestre de 2010 han sido de 1.400 millones de dólares, lo que representa un retroceso del 4 por ciento en dólares estadounidenses y del 1 por ciento en moneda local con respecto al tercer trimestre de 2009. El crecimiento de los ingresos totales por ventas en moneda local de la actividad Contract en Europa compensaron la caída del 2 por ciento en la cifra europea de ventas en tiendas con respecto al tercer trimestre de 2009. La tasa de ingresos operativos ha aumentado 150 puntos básicos hasta un 4,33 por ciento en comparación con el resultado del tercer trimestre de 2009. Este aumento se debe principalmente a las mejoras en European Printing Systems, European Delivery y Australian businesses, así como a la reducción del gasto de amortización, lo cual hasta cierto punto ha sido compensado con la reducción del apalancamiento de los gastos fijos en ventas menores de European Retail. European Retail ha abierto una tienda y ha cerrado tres durante el tercer trimestre de 2010. La actividad International cerró el tercer trimestre de 2010 con 381 tiendas.
Previsiones
Para el cuarto trimestre de 2010, la empresa prevé que las ventas se incrementarán entre un 1 y un 3 por ciento con respecto al resultado del cuarto trimestre de 2009. Asimismo espera alcanzar unas ganancias diluidas por acción, según los PCGA, de entre 0,38 y 0,40 dólares en el cuarto trimestre de 2010. Excluyendo alrededor de 8 millones de dólares en gastos de reestructuración e integración antes de impuestos, o lo que es lo mismo, alrededor de 0,01 dólares por acción, la empresa espera que en el cuarto trimestre de 2010 las ganancias diluidas por acción oscilen entre 0,39 y 0,41 dólares.
Para 2010 en su conjunto, prevé un aumento de las ventas totales de la empresa entre un 1 y un 3 por ciento con respecto al resultado de todo 2009. Asimismo espera alcanzar unas ganancias diluidas por acción, según los PCGA, de entre 1,22 y 1,24 dólares para todo el año 2010. Sin contar los gastos de reestructuración e integración, de unos 60 millones de dólares, o aproximadamente 0,05 por acción, la empresa prevé que las ganancias diluidas por acción de todo 2010 se situarán entre 1,27 y 1,29 dólares. La empresa tiene un ritmo sostenido que permitirá generar un flujo de efectivo de más de 1.000 millones de dólares para todo el año 2010, después de gastar aproximadamente unos 400 millones de dólares en gastos de capital.
Para 2011 en su conjunto, prevé un aumento de las ventas totales de la empresa de entre un 4 a un 6 por ciento, y unas ganancias diluidas por acción de entre 1,50 y 1,60 dólares. La empresa prevé que las ganancias por acción para 2011 se beneficien de la integración continua de Corporate Express, el crecimiento en servicios empresariales de alto margen, la reducción en el gasto de interés, la recuperación de acciones y la expectativa de que su tasa real de impuestos devolverá aproximadamente un 34,5 por ciento. Para 2011 en su conjunto, la empresa espera generar más de 1.000 millones de dólares de flujo de efectivo después de gastar aproximadamente 500 millones de dólares en gastos de capital.
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.
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, la mayor empresa de productos de oficina del mundo, tiene el compromiso de facilitar a los clientes la compra de una amplia variedad de artículos y servicios para oficinas. Nuestra amplia gama de productos para oficina, equipos electrónicos, productos tecnológicos y muebles de oficina, junto con nuestros servicios para empresas, que incluyen reparación de ordenadores, así como copia e impresión, ayudan a nuestros clientes a llevar sus oficinas de una manera eficiente. Con unas ventas en 2009 de 24.000 millones de dólares y 91.000 asociados en todo el mundo, Staples desarrolla su actividad en 26 países de América, Europa, Asia y Australia, sirviendo a empresas de todos los tamaños y a consumidores. Staples concibió la idea de la supertienda de oficina en 1986 y hoy es la segunda empresa del mundo en ventas mediante comercio electrónico. 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. 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.
Más información financiera.
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. |
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