Mercati

Resoconto Staples, Inc. per il primo trimestre 2012

Questa notizia è stata scritta più di un anno fa old news

Staples, Inc. (Nasdaq: SPLS) ha annunciato oggi i risultati del primo trimestre chiuso il 28 aprile 2012. Il fatturato aziendale globale del primo trimestre 2012 è stato pari a 6,1 miliardi di dollari, diminuendo dell’1% in dollari USA e rimanendo sostanzialmente invariato in valuta locale rispetto al primo trimestre 2011. Nel primo trimestre 2012, il reddito netto è sceso del 6% su base annua ed ha raggiunto i 187 milioni di dollari. Gli utili per azione su base diluita, su base GAAP, sono diminuiti del 4%, scendendo a 0,27 dollari dagli 0,28 del primo trimestre 2011. Nel primo trimestre 2012, l’azienda ha registrato 28 milioni di dollari in spese prima delle imposte legate principalmente alle riduzioni di personale in Nord America, Europa ed Australia, oltre che alla composizione di una controversia contrattuale relativa all’acquisizione di Corporate Express. Tali spese hanno influito negativamente, per circa 0,03 dollari, sugli utili per azione su base diluita, su base GAAP, del primo trimestre 2012. “In Nord America continuiamo a migliorare i nostri risultati nelle categorie al di fuori delle forniture per ufficio, mentre nel settore attività internazionali i progressi si mantengono modesti,” ha dichiarato Ron Sargent, Presidente e CEO di Staples. “I nostri piani mirano ad una crescita sia del fatturato sia degli utili nel corso del 2012.” Su base GAAP, il reddito operativo del primo trimestre 2012 è sceso di 43 punti base raggiungendo il 5,21%. Tale diminuzione è dovuta principalmente ai costi di liquidazione legati alle riduzioni di personale, oltre che alla riduzione della leva finanziaria delle spese fisse sulle minori vendite realizzate dalle operazioni internazionali, parzialmente controbilanciata da spese inferiori per il marketing e la supply chain. L’azienda ha generato un flusso di cassa operazionale di 147 milioni di dollari e ha investito 52 milioni di dollari in spese in conto capitale, ottenendo un flusso di cassa disponibile di 95 milioni di dollari durante il primo trimestre 2012. Nello stesso periodo, l’azienda ha distribuito agli azionisti 75 milioni di dollari in dividendi in contanti e ha riacquistato 5,9 milioni di azioni per 93 milioni di dollari. Al termine del primo trimestre, l’azienda disponeva di 2,3 miliardi di dollari in liquidità, inclusi 1,2 miliardi di disponibilità liquide e mezzi equivalenti. North American Delivery Nel primo trimestre 2012 il fatturato di North American Delivery è stato pari a 2,6 miliardi di dollari, dato in aumento del 2% rispetto al corrispondente periodo dell’anno precedente. Tale risultato rispecchia essenzialmente il notevole incremento delle vendite di attrezzature e forniture per caffetterie, nonché la forte crescita dei prodotti per stampa e copia e di quelli promozionali. Rispetto al primo trimestre 2011, il reddito operativo è cresciuto di tre punti base e ha raggiunto il 7,87%. Tale aumento rispecchia principalmente le efficienze realizzate nella supply chain, parzialmente controbilanciate da spese prima delle imposte pari a 8 milioni di dollari, legate alle riduzioni di personale e alla composizione di una controversia contrattuale relativa all’acquisizione di Corporate Express, oltre che da margini inferiori sui prodotti. North American Retail Le vendite di North American Retail, pari a 2,3 miliardi di dollari, sono rimaste sostanzialmente invariate in confronto al primo trimestre 2011. Nel primo trimestre 2012, il fatturato relativo ai punti vendita (stores) è rimasto invariato, poiché gli ordinativi medi e il traffico dei clienti non sono cambiati rispetto all’anno precedente. Rispetto al primo trimestre 2011, il reddito operativo è sceso di 43 punti base e ha raggiunto il 7,18%. Tale diminuzione è dovuta essenzialmente alle spese prima delle imposte per 4 milioni di dollari, legate alle riduzioni di personale e alla composizione di una controversia contrattuale relativa all’acquisizione di Corporate Express. Tale calo risente inoltre degli investimenti in corso effettuati per stimolare la crescita delle categorie al di fuori delle forniture per ufficio, parzialmente controbilanciati dai minori oneri per marketing e deprezzamento. Nel corso del primo trimestre, l’azienda ha aperto tre punti vendita e ne ha chiusi sei negli Stati Uniti, mentre ne ha aperto uno e ne ha chiuso un altro in Canada, concludendo il primo trimestre 2012 con 1.914 punti vendita in funzione in Nord America. Operazioni internazionali Nel primo trimestre il fatturato delle operazioni internazionali è stato pari a 1,2 miliardi di dollari, dato che rappresenta una flessione dell’8% in dollari USA e del 5% in valuta locale rispetto al primo trimestre 2011. Questi risultati rispecchiano un ristagno delle vendite in Australia ed Europa, incluso un calo del 6% del fatturato relativo ai punti vendita (stores) in Europa. In confronto al primo trimestre 2011, il reddito operativo è sceso di 225 punti base e ha dato luogo ad una perdita operativa dell’1,53%. Tale diminuzione è dovuta essenzialmente alle spese prima delle imposte per 16 milioni di dollari, legate alle riduzioni di personale e alla composizione di una controversia contrattuale relativa all’acquisizione di Corporate Express. Questo dato è dovuto inoltre alla riduzione della leva finanziaria delle spese fisse sulle minori vendite nel settore Retail europeo e in Australia, nonché ai margini inferiori ottenuti sui prodotti in Europa. Durante il primo trimestre, l’azienda ha aperto un punto vendita e ne ha chiusi tre, concludendo il periodo con 376 punti vendita in funzione nell’ambito delle operazioni internazionali. Scenario Le prospettive per il 2012 sono invariate, e prevedono il perdurare di una crescita economica lenta negli Stati Uniti e livelli di domanda modesti in Europa. Tenuto conto dell’effetto della 53ª settimana dell’anno fiscale 2012, l’azienda prevede un modesto aumento del fatturato nell’intero anno rispetto all’anno precedente, e una crescita maggiore degli utili per azione su base diluita per l’intero anno rispetto al risultato di 1,37 dollari conseguito nel 2011. L’azienda preventiva un tasso fiscale effettivo per l’intero anno pari al 32,5% e prevede di generare, nel 2012, oltre 1 miliardo di dollari di flusso di cassa disponibile. 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. Conference Call in data odierna Oggi alle ore 09:00 (ora della costa orientale) l’azienda terrà una conference call per l’analisi dei risultati e delle prospettive. Gli investitori potranno ascoltare la conference call all’indirizzo http://investor.staples.com. Informazioni su Staples Staples è la maggiore azienda al mondo di prodotti per ufficio, nonché fornitrice di fiducia di soluzioni per ufficio. L’azienda fornisce prodotti, servizi e know-how nei seguenti campi: forniture per ufficio, copia e stampa, tecnologia, attrezzature e break room, arredamento. Staples ha inventato il concetto di “supermarket” di forniture per ufficio nel 1986 e oggi si colloca al secondo posto nella classifica mondiale delle vendite e-commerce, con un fatturato annuo di 25 miliardi di dollari USA. Grazie a 88.000 collaboratori in tutto il mondo, Staples opera in 26 paesi in Nord America, America Latina, Europa, Asia ed Australia, dove è apprezzata dai consumatori e da aziende di tutte le dimensioni. La sede centrale dell’azienda si trova a Boston. Per ulteriori informazioni su Staples (Nasdaq: SPLS) visitare il sito 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. Seguono informazioni finanziarie.               STAPLES, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(Dollar Amounts in Thousands, Except Share Data)(Unaudited)     April 28, January 28, 2012   2012   ASSETS Current assets: Cash and cash equivalents $ 1,204,521 $ 1,264,149 Receivables, net 1,953,502 2,033,680 Merchandise inventories, net 2,502,834 2,431,845 Deferred income tax assets 301,506 305,611 Prepaid expenses and other current assets   283,447     255,535   Total current assets 6,245,810 6,290,820   Property and equipment: Land and buildings 1,040,217 1,034,983 Leasehold improvements 1,329,935 1,330,373 Equipment 2,491,950 2,462,351 Furniture and fixtures   1,089,155     1,084,358   Total property and equipment 5,951,257 5,912,065 Less accumulated depreciation and amortization   3,920,260     3,831,704   Net property and equipment 2,030,997 2,080,361   Intangible assets, net of accumulated amortization 439,695 449,781 Goodwill 3,996,308 3,982,130 Other assets   645,458     627,530   Total assets $ 13,358,268   $ 13,430,622     LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,194,416 $ 2,220,414 Accrued expenses and other current liabilities 1,274,712 1,414,721 Debt maturing within one year   438,115     439,143   Total current liabilities 3,907,243 4,074,278   Long-term debt 1,595,932 1,599,037 Other long-term obligations 759,822 735,094   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 922,699,482 shares at April 28, 2012 and 922,126,579 shares at January 28, 2012 553 553 Additional paid-in capital 4,585,976 4,551,299 Accumulated other comprehensive loss (297,801 ) (319,743 ) Retained earnings 7,311,324 7,199,060 Less: treasury stock at cost, 232,544,821 shares at April 28, 2012  and 226,383,032 shares at January 28, 2012   (4,511,943 )   (4,416,018 ) Total Staples, Inc. stockholders’ equity 7,088,109 7,015,151 Noncontrolling interests   7,162     7,062   Total stockholders’ equity   7,095,271     7,022,213   Total liabilities and stockholders’ equity $ 13,358,268   $ 13,430,622                   STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Comprehensive Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)   13 Weeks Ended April 28, April 30,   2012     2011     Sales $ 6,104,825 $ 6,172,938 Cost of goods sold and occupancy costs   4,495,110     4,536,545   Gross profit 1,609,715 1,636,393   Operating expenses: Selling, general and administrative 1,276,401 1,270,774 Amortization of intangibles   15,258     17,292   Total operating expenses   1,291,659     1,288,066     Operating income 318,056 348,327   Other (expense) income: Interest income 1,651 2,459 Interest expense (42,304 ) (48,793 ) Other expense     (346 )   (188 ) Consolidated income before income taxes 277,057 301,805 Income tax expense   90,044     104,123   Consolidated net income 187,013 197,682 Loss attributed to noncontrolling interests   (46 )   (563 ) Net income attributed to Staples, Inc. $ 187,059   $ 198,245     Earnings Per Share: Basic earnings per common share $ 0.27   $ 0.28   Diluted earnings per common share $ 0.27   $ 0.28     Dividends declared per common share $ 0.11   $ 0.10     Consolidated comprehensive income $ 208,955 $ 502,053 Comprehensive income (loss) attributed to noncontrolling interests   101     (447 ) Comprehensive income attributed to Staples, Inc $ 208,854   $ 502,500     Weighted average shares outstanding: Basic 680,245,594 706,318,119 Diluted 689,436,849 717,402,753                 STAPLES, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(Dollar Amounts in Thousands)(Unaudited)   13 Weeks Ended April 28, April 30,   2012     2011   Operating Activities: Consolidated net income, including income from the noncontrolling interests $ 187,013 $ 197,682 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 116,530 121,843 Stock-based compensation 31,088 35,396 Excess tax benefits from stock-based compensation arrangements (179 ) (387 ) Deferred income tax expense 10,689 28,079 Other 1,916 4,995 Changes in assets and liabilities: Decrease in receivables 81,112 48,929 Increase in merchandise inventories (64,498 ) (148,738 ) (Increase) decrease in prepaid expenses and other assets (51,384 ) 31,060 (Decrease) increase in accounts payable (30,234 ) 20,861 Decrease in accrued expenses and other liabilities (142,755 ) (133,519 ) Increase in other long-term obligations   7,559     4,065   Net cash provided by operating activities 146,857 210,266   Investing Activities: Acquisition of property and equipment   (52,077 )   (62,617 ) Net cash used in investing activities (52,077 ) (62,617 )   Financing Activities: Proceeds from the exercise of stock options 4,501 4,836 Proceeds from borrowings 25,153 39,799 Payments on borrowings (19,836 ) (536,294 ) Purchase of noncontrolling interest (688 ) – Cash dividends paid (74,749 ) (70,936 ) Excess tax benefits from stock-based compensation arrangements 179 387 Purchase of treasury stock, net   (95,925 )   (148,477 ) Net cash used in financing activities (161,365 ) (710,685 )   Effect of exchange rate changes on cash and cash equivalents 6,957 34,294   Net decrease in cash and cash equivalents (59,628 ) (528,742 ) Cash and cash equivalents at beginning of period   1,264,149     1,461,257   Cash and cash equivalents at end of period $ 1,204,521   $ 932,515       STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited)                   13 Weeks Ended   April 28, April 30,   2012     2011   Sales: North American Delivery $ 2,555,071 $ 2,511,646 North American Retail 2,323,831 2,328,085 International Operations   1,225,923     1,333,207   Total segment sales $ 6,104,825   $ 6,172,938     Business Unit Income (Loss): North American Delivery $ 200,959 $ 196,850 North American Retail 166,955 177,349 International Operations   (18,770 )   9,524   Business unit income 349,144 383,723 Stock-based compensation (31,088 ) (35,396 ) Interest and other expense, net   (40,999 )   (46,522 ) Consolidated income before income taxes $ 277,057   $ 301,805                       STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited)   13 Weeks Ended April 28, 2012   Sales GrowthGAAP Impact of LocalCurrency Sales Growth on aLocal CurrencyBasis Sales: North American Delivery 1.7 % 0.2 % 1.9 % North American Retail (0.2 %) 0.5 % 0.3 % International Operations (8.0 %) 3.0 % (5.0 %) Total sales (1.1 %) 0.9 % (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.                 Reconciliation of Operating Cash Flow to Free Cash Flow (Dollar Amounts in Thousands) (Unaudited)   13 Weeks Ended April 28, 2012 April 30, 2011   Net cash provided by operating activities $ 146,857 $ 210,266 Acquisition of property and equipment   (52,077 )   (62,617 ) Free cash flow $ 94,780   $ 147,649     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.

Staples, Inc.Media Contact:Kirk Saville, 508-253-8530oppureOwen Davis, 508-253-8468oppureInvestor Contact:Chris Powers, 508-253-4632oppureKevin Barry, 508-253-1487