Staples, Inc. (Nasdaq: SPLS) ha hecho públicos hoy sus resultados del primer trimestre, cerrado el 30 de abril de 2011. En comparación con el primer trimestre de 2010, las ventas totales de la empresa en el primer trimestre de 2011 han aumentado un dos por ciento, para situarse en los 6.200 millones de dólares. Los ingresos netos del primer trimestre de 2011 aumentaron un 5 por ciento interanual hasta 198 millones de dólares, y las ganancias diluidas por acción, según los PCGA (Principios de contabilidad generalmente aceptados), se incrementaron un 8 por ciento hasta 0,28 dólares, desde los 0,26 dólares del primer trimestre de 2010.
Las ganancias diluidas por acción del primer trimestre de 2011, por valor de 0,28 dólares, no han variado con respecto a las ganancias diluidas por acción del primer trimestre de 2010, que también fueron de 0,28 dólares. Estos resultados ajustados no incluyen los gastos de reestructuración e integración antes de impuestos, que han sido de 21 millones de dólares en el primer trimestre de 2010.
"Nuestros resultados del primer trimestre demuestran que nuestras iniciativas claves de crecimiento están progresando bien y que estamos ampliando nuestra cuota en el mercado de Norteamérica, aunque para ello el saldo final se haya reducido" afirmó Ron Sargent, Chairman y Chief Executive Officer de Staples.
La tasa de ingresos operativos del primer trimestre de 2011, según los PCGA, ha disminuido 34 puntos básicos hasta un 5,64 por ciento, en comparación con el primer 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 primer trimestre de 2011 ha disminuido 69 puntos básicos hasta llegar al 5,64 por ciento. Esta disminución resulta principalmente de las inversiones realizadas para ampliar la cuota en el mercado norteamericano y del desapalancamiento en el negocio International.
La empresa ha generado un flujo de fondos de 148 millones de dólares después de unos gastos de capital por valor de 63 millones de dólares, con lo que al término del primer trimestre de 2011 presentaba una liquidez de alrededor 2.200 millones de dólares, incluidos 933 millones en dinero y cuasidinero. La empresa pagó una obligación de 500 millones de dólares que venció el 1 de abril de 2011 y recuperó 7,1 millones de acciones por 147 millones de dólares.
North American Delivery
En el primer trimestre de 2011 North American Delivery registró unas ventas de 2.500 millones de dólares, lo que representa un aumento del dos por ciento en comparación con el primer trimestre de 2010. La alta tasa de adquisición de nuevos clientes, el fuerte crecimiento de las ventas de categorías de producto secundarias, como suministros para instalaciones y para salas de descanso, el crecimiento en suministros básicos como el papel, así como los efectos positivos de los tipos de cambio, impulsaron los ingresos totales por ventas. Con un 7,84 por ciento, la tasa de ingresos operativos disminuyó 43 puntos básicos en comparación con el primer trimestre del año anterior. Esta disminución se debe principalmente a la caída de los márgenes de los productos y el aumento de los costes de transporte, provocados por la subida de los precios de los combustibles y las inversiones en sistemas, que se vieron compensadas en parte por la reducción de los gastos generales, administrativos y de marketing.
North American Retail
Las ventas de North American Retail en el primer trimestre de 2011 ascendieron a 2.300 millones de dólares, lo que, en comparación con el mismo periodo de 2010, representa un incremento del 1 por ciento en dólares estadounidenses y un ligero retroceso en moneda local. La cifra de ventas comparables en tiendas del primer trimestre de 2011 disminuyó un 1 por ciento con respecto al primer trimestre de 2010, como consecuencia sobre todo de la reducción del tráfico de clientes en el negocio Retail canadiense, parcialmente compensada por un tamaño medio de los pedidos mayor. Con un 7,62 por ciento, la tasa de ingresos operativos disminuyó 2 puntos básicos en comparación con el primer trimestre del 2010. Este resultado se debe principalmente a una combinación positiva de productos tecnológicos y servicios de márgenes más altos y apalancamiento de los gastos de alquileres y ocupación, compensada por el incremento de los gastos de marketing y las inversiones en mano destinado a promover las iniciativas de crecimiento. North American Retail ha abierto cinco tiendas y cerrado otras cuatro, con lo que al final del primer trimestre de 2011 tenía 1.901 tiendas en Norteamérica.
International
Las ventas de International en el primer trimestre de 2011 ascendieron a 1.300 millones de dólares, lo que, en comparación con el mismo periodo de 2010, representa un incremento del cuatro por ciento en dólares estadounidenses y una caída del dos por ciento en moneda local. El crecimiento de los ingresos por ventas del negocio European Delivery se vio compensado por una caída del 11 por ciento en las ventas comparables en tiendas de Europa, así como por el retroceso de las ventas de la división Printing Systems y el negocio en Australia en moneda local con respecto al primer trimestre de 2010. Con un 0,71 por ciento, la tasa de ingresos operativos se redujo 216 puntos básicos en comparación con el primer trimestre del 2010. Esta reducción se debe principalmente al desapalancamiento de los costes fijos de los negocios de Australia y de European Retail, así como a las inversiones destinadas a aumentar la cuota en European Delivery. European Retail cerró tres tiendas durante el primer trimestre de 2011. El negocio International terminó el trimestre con 378 tiendas.
Previsiones
Los resultados empresariales del primer 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 2011, la economía apenas mejorará, se seguirá invirtiendo en las iniciativas de crecimiento y se fijarán unos precios competitivos en el mercado Contract. Se espera que estas iniciativas de ventas, junto con los esfuerzos continuos por controlar los gastos, mejoren nuestros resultados con el paso del tiempo.
Para el segundo trimestre de 2011, prevemos que la cifra de ventas no varíe, o mejore solo ligeramente, en comparación con el mismo periodo de 2010, y esperamos que las ganancias diluidas por acción, según los PCGA estadounidenses, oscilen entre 0,18 y 0,20 dólares. Para todo el año 2011, contamos con aumentar las ventas entre un 1 y un 3 por ciento en comparación con 2010, y alcanzar unas ganancias diluidas por acción, según los PCGA estadounidenses, de entre 1,35 y 1,45 dólares.
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. Los gastos de capital previstos para 2011 se han reducido con respecto al objetivo previo de la empresa de 500 millones.
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. 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 and 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. 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 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; 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; 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 | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Dollar Amounts in Thousands, Except Share Data) | ||||||||
| (Unaudited) | ||||||||
| April 30, | January 29, | |||||||
| 2011 | 2011 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 932,515 | $ | 1,461,257 | ||||
| Receivables, net | 1,977,565 | 1,954,148 | ||||||
| Merchandise inventories, net | 2,569,364 | 2,359,173 | ||||||
| Deferred income tax assets | 296,072 | 295,232 | ||||||
| Prepaid expenses and other current assets | 370,419 | 398,357 | ||||||
| Total current assets | 6,145,935 | 6,468,167 | ||||||
| Property and equipment: | ||||||||
| Land and buildings | 1,102,847 | 1,064,981 | ||||||
| Leasehold improvements | 1,353,570 | 1,328,397 | ||||||
| Equipment | 2,361,181 | 2,287,505 | ||||||
| Furniture and fixtures | 1,059,522 | 1,032,502 | ||||||
| Total property and equipment | 5,877,120 | 5,713,385 | ||||||
| Less accumulated depreciation and amortization | 3,718,524 | 3,565,614 | ||||||
| Net property and equipment | 2,158,596 | 2,147,771 | ||||||
| Intangible assets, net of accumulated amortization | 524,343 | 522,722 | ||||||
| Goodwill | 4,239,947 | 4,073,162 | ||||||
| Other assets | 705,032 | 699,845 | ||||||
| Total assets | $ | 13,773,853 | $ | 13,911,667 | ||||
| LIABILITIES AND STOCKHOLDERS´ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,288,800 | $ | 2,208,386 | ||||
| Accrued expenses and other current liabilities | 1,406,863 | 1,497,851 | ||||||
| Debt maturing within one year | 243,576 | 587,356 | ||||||
| Total current liabilities | 3,939,239 | 4,293,593 | ||||||
| Long-term debt | 1,876,861 | 2,014,407 | ||||||
| Other long-term obligations | 683,714 | 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 908,768,942 shares at April 30, 2011 and 908,449,980 shares at January 29, 2011 | 545 | 545 | ||||||
| Additional paid-in capital | 4,374,952 | 4,334,735 | ||||||
| Accumulated other comprehensive income (loss) | 207,322 | (96,933 | ) | |||||
| Retained earnings | 6,619,649 | 6,492,340 | ||||||
| Less: treasury stock at cost, 194,733,754 shares at April 30, 2011 and 187,536,869 shares at January 29, 2011 | (3,935,453 | ) | (3,786,977 | ) | ||||
| Total Staples, Inc. stockholders´ equity | 7,267,015 | 6,943,710 | ||||||
| Noncontrolling interests | 7,024 | 7,471 | ||||||
| Total stockholders´ equity | 7,274,039 | 6,951,181 | ||||||
| Total liabilities and stockholders´ equity | $ | 13,773,853 | $ | 13,911,667 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Income | ||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||
| (Unaudited) | ||||||||
| 13 Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
| Sales | $ | 6,172,938 | $ | 6,057,795 | ||||
| Cost of goods sold and occupancy costs | 4,536,545 | 4,438,740 | ||||||
| Gross profit | 1,636,393 | 1,619,055 | ||||||
| Operating and other expenses: | ||||||||
| Selling, general and administrative | 1,270,774 | 1,220,468 | ||||||
| Amortization of intangibles | 17,292 | 15,399 | ||||||
| Integration and restructuring costs | - | 20,882 | ||||||
| Total operating expenses | 1,288,066 | 1,256,749 | ||||||
| Operating income | 348,327 | 362,306 | ||||||
| Other (expense) income: | ||||||||
| Interest income | 2,459 | 1,771 | ||||||
| Interest expense | (48,793 | ) | (55,474 | ) | ||||
| Other expense | (188 | ) | (631 | ) | ||||
| Consolidated income before income taxes | 301,805 | 307,972 | ||||||
| Income tax expense | 104,123 | 115,490 | ||||||
| Consolidated net income | 197,682 | 192,482 | ||||||
| (Loss) income attributed to noncontrolling interests | (563 | ) | 3,712 | |||||
| Net income attributed to Staples, Inc. | $ | 198,245 | $ | 188,770 | ||||
| Earnings Per Share: | ||||||||
| Basic earnings per common share | $ | 0.28 | $ | 0.26 | ||||
| Diluted earnings per common share | $ | 0.28 | $ | 0.26 | ||||
| Dividends declared per common share | $ | 0.10 | $ | 0.09 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 706,318,119 | 718,795,186 | ||||||
| Diluted | 717,402,753 | 732,149,069 | ||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 13 Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
| Operating Activities: | ||||||||
| Consolidated net income, including income from the noncontrolling interests | $ | 197,682 | $ | 192,482 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 121,843 | 125,411 | ||||||
| Stock-based compensation | 35,396 | 33,765 | ||||||
| Excess tax benefits from stock-based compensation arrangements | (387 | ) | (1,185 | ) | ||||
| Deferred income tax expense | 28,079 | 14,641 | ||||||
| Other | 4,995 | 645 | ||||||
| Changes in assets and liabilities: | ||||||||
| Decrease in receivables | 48,929 | 11,625 | ||||||
| Increase in merchandise inventories | (148,738 | ) | (26,748 | ) | ||||
| Decrease in prepaid expenses and other assets | 31,060 | 22,150 | ||||||
| Increase (decrease) in accounts payable | 20,861 | (50,833 | ) | |||||
| Decrease in accrued expenses and other liabilities | (133,519 | ) | (134,383 | ) | ||||
| Increase in other long-term obligations | 4,065 | 5,277 | ||||||
| Net cash provided by operating activities | 210,266 | 192,847 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (62,617 | ) | (48,993 | ) | ||||
| Net cash used in investing activities | (62,617 | ) | (48,993 | ) | ||||
| Financing Activities: | ||||||||
| Proceeds from the exercise of stock options and the sale of stock under employee stock | ||||||||
| purchase plans | 4,836 | 17,004 | ||||||
| Proceeds from borrowings | 39,799 | 61,079 | ||||||
| Payments on borrowings, including payment of deferred financing fees | (536,294 | ) | (36,316 | ) | ||||
| Cash dividends paid | (70,936 | ) | (65,238 | ) | ||||
| Excess tax benefits from stock-based compensation arrangements | 387 | 1,185 | ||||||
| Purchase of treasury stock, net | (148,477 | ) | (3,130 | ) | ||||
| Net cash used in financing activities | (710,685 | ) | (25,416 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 34,294 | (867 | ) | |||||
| Net (decrease) increase in cash and cash equivalents | (528,742 | ) | 117,571 | |||||
| Cash and cash equivalents at beginning of period | 1,461,257 | 1,415,819 | ||||||
| Cash and cash equivalents at end of period | $ | 932,515 | $ | 1,533,390 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Segment Reporting | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 13 Weeks Ended | ||||||||
| April 30, | May 1, | |||||||
| 2011 | 2010 | |||||||
| Sales: | ||||||||
| North American Delivery | $ | 2,511,646 | $ | 2,462,654 | ||||
| North American Retail | 2,328,085 | 2,312,210 | ||||||
| International Operations | 1,333,207 | 1,282,931 | ||||||
| Total segment sales | $ | 6,172,938 | $ | 6,057,795 | ||||
| Business Unit Income: | ||||||||
| North American Delivery | $ | 196,850 | $ | 203,516 | ||||
| North American Retail | 177,349 | 176,549 | ||||||
| International Operations | 9,524 | 36,888 | ||||||
| Business unit income | 383,723 | 416,953 | ||||||
| Stock-based compensation |
| (35,396 | ) | (33,765 | ) | |||
| Total segment income | 348,327 | 383,188 | ||||||
| Interest and other expense, net | (46,522 | ) | (54,334 | ) | ||||
| Integration and restructuring costs | - | (20,882 | ) | |||||
| Consolidated income before income taxes | $ | 301,805 | $ | 307,972 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Consolidated Statement of Income | ||||||||||||||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 13 Weeks Ended | ||||||||||||||||||||
| April 30, 2011 | May 1, 2010 | |||||||||||||||||||
| Integration and | ||||||||||||||||||||
| GAAP | GAAP | Restructuring | Non-GAAP | |||||||||||||||||
| As Reported | As Reported % | As Reported | Costs | As Adjusted | As Adjusted % | |||||||||||||||
| Sales | $ | 6,172,938 | 100.00 | % | $ | 6,057,795 | $ | - | $ | 6,057,795 | 100.00 | % | ||||||||
| Cost of goods sold and occupancy costs | 4,536,545 | 73.49 | % | 4,438,740 | - | 4,438,740 | 73.27 | % | ||||||||||||
| Gross profit | 1,636,393 | 26.51 | % | 1,619,055 | 1,619,055 | 26.73 | % | |||||||||||||
| Operating and other expenses: | ||||||||||||||||||||
| Selling, general and administrative | 1,270,774 | 20.59 | % | 1,220,468 | - | 1,220,468 | 20.15 | % | ||||||||||||
| Amortization of intangibles | 17,292 | 0.28 | % | 15,399 | - | 15,399 | 0.25 | % | ||||||||||||
| Integration and restructuring costs | - | 0.00 | % | 20,882 | (20,882 | ) | - | 0.00 | % | |||||||||||
| Total operating expenses | 1,288,066 | 20.87 | % | 1,256,749 | (20,882 | ) | 1,235,867 | 20.40 | % | |||||||||||
| Operating income | 348,327 | 5.64 | % | 362,306 | 20,882 | 383,188 | 6.33 | % | ||||||||||||
| Interest and other expense, net | 46,522 | 0.75 | % | 54,334 | - | 54,334 | 0.90 | % | ||||||||||||
| Consolidated income before income taxes | 301,805 | 4.89 | % | 307,972 | 20,882 | 328,854 | 5.43 | % | ||||||||||||
| Income tax expense | 104,123 | 1.69 | % | 115,490 | 7,831 | 123,321 | 2.04 | % | ||||||||||||
| Consolidated net income | 197,682 | 3.20 | % | 192,482 | 13,051 | 205,533 | 3.39 | % | ||||||||||||
| (Loss) income attributed to noncontrolling interests | (563 | ) | (0.01 | %) | 3,712 | - | 3,712 | 0.06 | % | |||||||||||
| Net income attributed to Staples, Inc. | $ | 198,245 | 3.21 | % | $ | 188,770 | $ | 13,051 | $ | 201,821 | 3.33 | % | ||||||||
| Earnings Per Share: | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.28 | $ | 0.26 | $ | 0.02 | $ | 0.28 | ||||||||||||
| Diluted earnings per common share | $ | 0.28 | $ | 0.26 | $ | 0.02 | $ | 0.28 | ||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 706,318,119 | 718,795,186 | ||||||||||||||||||
| Diluted | 717,402,753 | 732,149,069 | ||||||||||||||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||
| Reconciliation of GAAP to Non-GAAP Sales Growth | ||||||
| (Unaudited) | ||||||
| 13 Weeks Ended April 30, 2011 | ||||||
| Sales Growth on a | ||||||
| Sales Growth | Impact of Local | Local Currency | ||||
| GAAP | Currency | Basis | ||||
| Sales: | ||||||
| North American Delivery | 2.0% | (0.5%) | 1.5% | |||
| North American Retail | 0.7% | (1.2%) | (0.5%) | |||
| International Operations | 3.9% | (6.0%) | (2.1%) | |||
| Total sales | 1.9% | (1.9%) | 0.0% | |||
| 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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