Resoconto Staples, Inc. per il secondo trimestre 2011

17 Agosto 2011, di Redazione Wall Street Italia

Staples, Inc. (Nasdaq: SPLS) ha annunciato oggi i risultati del secondo trimestre chiuso il 30 luglio 2011. Nel secondo trimestre 2011, le vendite totali sono cresciute del 5,2% rispetto al secondo trimestre 2010, raggiungendo una cifra di 5,8 miliardi di dollari. Il reddito netto del secondo trimestre 2011 ha registrato una crescita del 36% su base annua arrivando a 176 milioni di dollari, mentre gli utili per azione su base diluita, su base GAAP, hanno avuto un incremento del 39% (0,25 dollari contro 0,18 dollari nel secondo trimestre 2010). Gli utili per azione adeguati su base diluita, pari a 0,22 dollari nel secondo trimestre 2011, sono aumentati del 10% rispetto a quelli realizzati nel secondo trimestre 2010, pari a 0,20 dollari. Tali risultati adeguati non includono il rimborso fiscale in contanti pari a 21 milioni di dollari percepito nel secondo trimestre 2011, né le spese di integrazione e ristrutturazione prima delle imposte pari a 22 milioni di dollari effettuate nel secondo trimestre 2010. “I risultati da noi ottenuti nel secondo trimestre indicano che il costante impegno del nostro team continua a dare buoni risultati,” ha dichiarato Ron Sargent, Presidente e CEO di Staples. “Il nostro core business è solido, le iniziative di crescita iniziano a dare i loro frutti e siamo riusciti a realizzare utili e flussi di cassa migliori del previsto.” Su base GAAP, il reddito operativo del secondo trimestre 2011 è diminuito di 7 punti base fino al 4,78% rispetto al secondo trimestre 2010. Se si esclude l’impatto delle spese di integrazione e ristrutturazione nel corrispondente periodo dell’anno precedente, il reddito operativo del secondo trimestre 2011 è diminuito di 46 punti base fino al 4,78%. Tale contrazione risente fondamentalmente degli investimenti in manodopera e marketing effettuati in Nord America per sostenere le iniziative di crescita, ed è in parte controbilanciata da un miglioramento dei margini sui prodotti in tale regione e da una riduzione delle spese generali nel settore dei prodotti per ufficio in Europa. Il tasso fiscale effettivo nel secondo trimestre 2011 è stato del 25,7%, contro il 37,5% nel secondo trimestre 2010. Tale diminuzione è dovuta alla riscossione dei crediti d’imposta nelle attività internazionali durante il secondo trimestre 2011, nonché al rinnovo, nel quarto trimestre 2010, delle normative fiscali che consentono di differire l’imposta sul reddito su determinati utili esteri. I crediti d’imposta percepiti nel secondo trimestre 2011 si riferiscono alle attività di Corporate Express in Europa. L’azienda ha generato un flusso di cassa operazionale di 302 milioni di dollari e ha investito nell’ultimo anno 164 milioni di dollari in spese in conto capitale, ottenendo un flusso di cassa disponibile di 138 milioni di dollari per il primo semestre 2011. Al termine del secondo trimestre, Staples disponeva di 1,8 miliardi di dollari in liquidità, inclusi 823 milioni di disponibilità liquide e mezzi equivalenti. Nel secondo trimestre, l’azienda ha riacquistato 12 milioni di azioni del proprio capitale sociale per 199 milioni di dollari; nell’ultimo anno, ha riacquistato 19 milioni di azioni per 346 milioni di dollari. North American Delivery Nel secondo trimestre 2011 le vendite di North American Delivery sono state pari a 2,4 miliardi di dollari, dato in aumento del 3,1% rispetto al secondo trimestre 2010. Il fatturato ha beneficiato del notevole incremento delle vendite di attrezzature e forniture di break room, della consistente acquisizione di nuovi clienti e del favorevole effetto dei tassi di cambio. Rispetto al secondo trimestre 2010, il reddito operativo è sceso di 33 punti base raggiungendo l’8,42%. Tale flessione è dovuta sostanzialmente all’aumento di manodopera necessario a sostenere le iniziative di crescita, ai maggiori costi per carburanti e combustibili e agli investimenti nello sviluppo di siti web ed altri sistemi informativi, compensati in parte da una riduzione delle spese di marketing e da miglioramenti nella catena di fornitura. North American Retail Nel secondo trimestre 2011 le vendite di North American Retail sono state pari a 2,0 miliardi di dollari, dato in aumento dell’1,7% in dollari USA e dello 0,1% in valuta locale rispetto al secondo trimestre 2010. Il fatturato relativo ai punti vendita (stores) del secondo trimestre 2011 è rimasto sostanzialmente invariato in confronto al secondo trimestre 2010, per effetto della diminuzione dell’1% del traffico clienti, controbilanciata dall’aumento dell’1% degli ordinativi medi. Rispetto al secondo trimestre 2010, il reddito operativo è sceso di 23 punti base raggiungendo il 5,03%. Ciò rispecchia fondamentalmente l’incremento delle spese per marketing e manodopera allo scopo di stimolare la crescita delle soluzioni di copia e stampa e di tecnologia, aumento in parte compensato dal miglioramento dei margini sui prodotti e dalla riduzione dei costi di locazione e conduzione. L’azienda ha aperto quattro punti vendita e ne ha chiusi due negli Stati Uniti, ne ha aperti altri quattro in Canada, e ha concluso così il secondo trimestre 2011 con 1.907 punti vendita operativi in Nord America. Attività internazionali Nel secondo trimestre 2011, le vendite delle attività internazionali sono state pari a 1,3 miliardi di dollari, con un incremento del 15,2% in dollari USA e una flessione dello 0,1% in valuta locale rispetto al secondo trimestre 2010. La crescita poco più che modesta del fatturato nel settore European Delivery è stata accompagnata da una diminuzione del 5% del fatturato relativo ai punti vendita e da scarse vendite da parte della divisione sistemi di stampa. Rispetto al secondo trimestre 2010, il reddito operativo è cresciuto di 7 punti base raggiungendo l’1,24%. Tale incremento rispecchia fondamentalmente le rigorose misure di controllo sulle spese generali ed amministrative messe in atto in Europa, e ha come contropartita la flessione delle spese per la catena di fornitura e la manodopera nel settore European Delivery e in Australia. Nel secondo trimestre 2011, l’azienda ha aperto un punto di vendita in Germania e ne ha chiuso un altro in Cina. Il settore attività internazionali ha concluso il trimestre con 378 punti vendita all’attivo. Scenario Per il terzo trimestre 2011, l’azienda si attende un incremento modesto delle vendite rispetto allo stesso periodo del 2010, e prevede di realizzare utili per azione su base diluita su base GAAP statunitense compresi tra 0,46 e 0,48 dollari. Per l’intero anno 2011, l’azienda si attende un incremento modesto delle vendite rispetto al 2010, e prevede di realizzare utili per azione su base diluita su base GAAP statunitense compresi tra 1,42 e 1,48 dollari. Se si esclude il rimborso fiscale del secondo trimestre pari a circa 21 milioni di dollari, ossia 0,03 dollari per azione, l’azienda prevede di realizzare, per l’intero anno, utili per azione adeguati su base diluita compresi tra 1,39 e 1,45 dollari. Ad oggi Staples preventiva per l’intero anno un tasso fiscale effettivo del 34%, non contando il rimborso fiscale del secondo trimestre. Nel 2011, l’azienda prevede di generare oltre 1 miliardo di dollari in flusso di cassa disponibile, dopo aver sborsato circa 400 milioni in spese in conto capitale per gli investimenti in iniziative di crescita, sistemi, integrazione delle reti di distribuzione in Nord America ed Europa, ristrutturazioni e apertura di nuovi punti vendita. Presentation of Non-GAAP Information This press release presents certain results both with and without the integration and restructuring expense associated with Corporate Express in 2010, certain results for 2010 and 2011 both with and without the impact of fluctuations in foreign currency exchange rates, and certain results with and without the impact of the tax refund in 2011. The presentation of results that excludes these items, as well as the presentation of free cash flow, are non-GAAP financial measures that should be considered in addition to, and should not be considered superior to, or as a substitute for, the presentation of results determined in accordance with GAAP. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. Management believes that the non-GAAP financial measures presented provide a meaningful comparison to prior periods because the adjustments do not affect the on-going operations of the combined businesses. Management uses these non-GAAP financial measures to evaluate the operating results of the company’s business against prior year results and its operating plan, and to forecast and analyze future periods. Management recognizes there are limitations associated with the use of non-GAAP financial measures as they may reduce comparability with other companies that use different methods to calculate similar non-GAAP measures. Management generally compensates for the limitations resulting from the exclusion of these items by considering the impact of these items separately in GAAP as well as non-GAAP results. In addition, Management presents the most comparable GAAP measures ahead of non-GAAP measures and provides a reconciliation that indicates and describes the adjustments made. Conference Call in data odierna In data odierna, alle ore 09:00 (ora della costa orientale) la società terrà una conference call per l’analisi dei risultati e delle prospettive. Gli investitori potranno ascoltare 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 office superstore nel 1986 e oggi, con un fatturato annuo di 25 miliardi di dollari, si colloca al secondo posto nella classifica mondiale delle vendite di e-commerce. Grazie a 90.000 collaboratori in tutto il mondo, Staples opera in 26 paesi tra Nord America, America Latina, Europa, Asia e 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 of affirmative. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk, including the review of our assessments by our outside auditor and changes in management’s assumptions and projections. Actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including but not limited to: global economic conditions could adversely affect our business and financial performance; our market is highly competitive and we may not be able to continue to compete successfully; our growth may strain our operations; we may be unable to continue to enter new markets successfully; our expanding international operations expose us to risk inherent in foreign operations; our effective tax rate may fluctuate; fluctuations in foreign exchange rates could lead to lower earnings; we may be unable to attract and retain qualified associates; our quarterly operating results are subject to significant fluctuation; if we are unable to manage our debt, it could materially harm our business and financial condition and restrict our operating flexibility; our business may be adversely affected by the actions of and risks associated with our third party vendors; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property and product liability claims; problems in our information systems and technologies may disrupt our operations; compromises of our information systems or unauthorized access to confidential information or our customers’ or associates’ personal information may materially harm our business or damage our reputation; various legal proceedings, third party claims, investigations or audits may adversely affect our business and financial performance; and those factors discussed or referenced in our most recent quarterly report on Form 10-Q filed with the SEC, under the heading “Risk Factors” and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. In addition, any forward-looking statements represent our estimates only as of the date such statements are made (unless another date is indicated) and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. Seguono informazioni finanziarie.     STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Dollar Amounts in Thousands, Except Share Data) (Unaudited)       July 30,2011 January 29,2011 ASSETS Current assets: Cash and cash equivalents $ 823,124 $ 1,461,257 Receivables, net 1,965,860 1,970,483 Merchandise inventories, net 2,683,876 2,359,173 Deferred income tax assets 293,710 295,232 Prepaid expenses and other current assets   418,845     382,022   Total current assets 6,185,415 6,468,167   Property and equipment: Land and buildings 1,079,954 1,064,981 Leasehold improvements 1,374,242 1,328,397 Equipment 2,336,928 2,287,505 Furniture and fixtures   1,074,943     1,032,502   Total property and equipment 5,866,067 5,713,385 Less accumulated depreciation and amortization   3,735,916     3,565,614   Net property and equipment 2,130,151 2,147,771   Intangible assets, net of accumulated amortization 500,107 522,722 Goodwill 4,171,531 4,073,162 Other assets   694,016     699,845   Total assets $ 13,681,220   $ 13,911,667     LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,300,633 $ 2,208,386 Accrued expenses and other current liabilities 1,274,667 1,497,851 Debt maturing within one year   360,725     587,356   Total current liabilities 3,936,025 4,293,593   Long-term debt 1,930,616 2,014,407 Other long-term obligations 694,927 652,486   Stockholders’ Equity: Preferred stock, $.01 par value, 5,000,000 shares authorized; no shares issued – – Common stock, $.0006 par value, 2,100,000,000 shares authorized; issued 918,499,281 shares at July 30, 2011 and 908,449,980 shares at January 29, 2011 551 545 Additional paid-in capital 4,447,869 4,334,735 Accumulated other comprehensive income (loss) 90,056 (96,933 ) Retained earnings 6,726,380 6,492,340 Less: treasury stock at cost, 208,275,541 shares at July 30, 2011 and 187,536,869 shares at January 29, 2011   (4,152,180 )   (3,786,977 ) Total Staples, Inc. stockholders’ equity 7,112,676 6,943,710 Noncontrolling interests   6,976     7,471   Total stockholders’ equity   7,119,652     6,951,181   Total liabilities and stockholders’ equity $ 13,681,220   $ 13,911,667             STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)   13 Weeks Ended 26 Weeks Ended July 30,2011 July 31,2010 July 30,2011 July 31,2010   Sales $ 5,819,612 $ 5,534,240 $ 11,992,550 $ 11,592,035 Cost of goods sold and occupancy costs   4,279,232     4,071,532     8,815,777     8,510,272   Gross profit 1,540,380 1,462,708 3,176,773 3,081,763   Operating and other expenses: Selling, general and administrative 1,246,047 1,158,025 2,516,821 2,378,493 Amortization of intangibles 16,194 14,886 33,486 30,285 Integration and restructuring costs   –     21,644     –     42,526   Total operating and other expenses   1,262,241     1,194,555     2,550,307     2,451,304     Operating income 278,139 268,153 626,466 630,459   Other (expense) income: Interest income 1,519 1,891 3,978 3,662 Interest expense (41,885 ) (53,169 ) (90,678 ) (108,643 ) Other expense     (369 )   (4,604 )   (557 )   (5,235 ) Consolidated income before income taxes 237,404 212,271 539,209 520,243 Income tax expense   61,104     79,602     165,227     195,092   Consolidated net income 176,300 132,669 373,982 325,151 (Loss) income attributed to noncontrolling interests   (138 )   2,913     (701 )   6,625   Net income attributed to Staples, Inc. $ 176,438   $ 129,756   $ 374,683   $ 318,526     Earnings Per Share: Basic earnings per common share $ 0.25   $ 0.18   $ 0.53   $ 0.44   Diluted earnings per common share $ 0.25   $ 0.18   $ 0.53   $ 0.44     Dividends declared per common share $ 0.10   $ 0.09   $ 0.20   $ 0.18     Weighted average shares outstanding: Basic 698,917,409 719,485,888 702,617,764 719,140,537 Diluted 708,671,474 729,735,085 713,037,114 730,942,077     STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Dollar Amounts in Thousands) (Unaudited)     26 Weeks Ended July 30,2011 July 31,2010 Operating Activities: Consolidated net income, including (loss) income from the noncontrolling interests $ 373,982 $ 325,151 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 245,036 247,965 Stock-based compensation 81,470 69,629 Excess tax benefits from stock-based compensation arrangements (942 ) – Deferred income tax expense 54,170 6,209 Other 9,901 (1,904 ) Changes in assets and liabilities: Decrease in receivables 58,957 15,993 Increase in merchandise inventories (276,649 ) (253,211 ) Increase in prepaid expenses and other assets (38,399 ) (77,651 ) Increase in accounts payable 45,794 80,583 Decrease in accrued expenses and other liabilities (264,790 ) (237,590 ) Increase in other long-term obligations   13,634     70,252   Net cash provided by operating activities 302,164 245,426   Investing Activities: Acquisition of property and equipment (164,149 ) (150,719 ) Acquisition of businesses, net of cash acquired   –     (39,270 ) Net cash used in investing activities (164,149 ) (189,989 )   Financing Activities: Proceeds from the exercise of stock options and the sale of stock under employee stockpurchase plans 31,559 38,443 Proceeds from issuance of commercial paper, net of repayments 254,926 – Proceeds from borrowings 118,174 95,889 Payments on borrowings, including payment of deferred financing fees (698,631 ) (113,327 ) Purchase of noncontrolling interest – (345,963 ) Cash dividends paid (140,643 ) (130,100 ) Excess tax benefits from stock-based compensation arrangements 942 – Purchase of treasury stock, net   (365,203 )   (128,745 ) Net cash used in financing activities (798,876 ) (583,803 )   Effect of exchange rate changes on cash and cash equivalents 22,728 (15,493 )   Net decrease in cash and cash equivalents (638,133 ) (543,859 ) Cash and cash equivalents at beginning of period   1,461,257     1,415,819   Cash and cash equivalents at end of period $ 823,124   $ 871,960             STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited)   13 Weeks Ended 26 Weeks Ended   July 30,2011 July 31,2010 July 30,2011 July 31,2010 Sales: North American Delivery $ 2,433,217 $ 2,359,427 $ 4,944,863 $ 4,822,081 North American Retail 2,045,143 2,010,549 4,373,228 4,322,759 International Operations   1,341,252     1,164,264     2,674,459     2,447,195   Total segment sales $ 5,819,612   $ 5,534,240   $ 11,992,550   $ 11,592,035     Business Unit Income: North American Delivery $ 204,765 $ 206,421 $ 401,615 $ 409,937 North American Retail 102,872 105,694 280,221 282,243 International Operations   16,576     13,546     26,100     50,434   Business unit income 324,213 325,661 707,936 742,614 Stock-based compensation (46,074 ) (35,864 ) (81,470 ) (69,629 ) Interest and other expense, net (40,735 ) (55,882 ) (87,257 ) (110,216 ) Integration and restructuring costs   –     (21,644 )   –     (42,526 ) Consolidated income before income taxes $ 237,404   $ 212,271   $ 539,209   $ 520,243               STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Income Statement Disclosures (Dollar Amounts in Thousands) (Unaudited)     13 Weeks Ended       July 30, 2011     Operating expenses Operating income Consolidated income before income taxes   Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 1,262,241 $ 278,139 $ 237,404 $ 61,104 $ 176,438 Tax refund   –     –   –   20,800   (20,800 ) Non-GAAP, as adjusted $ 1,262,241   $ 278,139 $ 237,404 $ 81,904 $ 155,638       13 Weeks Ended       July 31, 2010     Operating expenses Operating income Consolidated income before income taxes   Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 1,194,555 $ 268,153 $ 212,271 $ 79,602 $ 129,756 Integration and restructuring costs   (21,644 )   21,644   21,644   8,116   13,528   Non-GAAP, as adjusted $ 1,172,911   $ 289,797 $ 233,915 $ 87,718 $ 143,284         26 Weeks Ended       July 30, 2011     Operating expenses Operating income Consolidated income before income taxes   Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 2,550,307 $ 626,466 $ 539,209 $ 165,227 $ 374,683 Tax refund   –     –   –   20,800   (20,800 ) Non-GAAP, as adjusted $ 2,550,307   $ 626,466 $ 539,209 $ 186,027 $ 353,883       26 Weeks Ended       July 31, 2010     Operating expenses Operating income Consolidated income before income taxes   Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 2,451,304 $ 630,459 $ 520,243 $ 195,092 $ 318,526 Integration and restructuring costs   (42,526 )   42,526     42,526     15,947     26,579   Non-GAAP, as adjusted $ 2,408,778   $ 672,985   $ 562,769   $ 211,039   $ 345,105           STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited)     13 Weeks Ended July 30, 2011 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on aLocal CurrencyBasis Sales: North American Delivery 3.1% (0.6%) 2.5% North American Retail 1.7% (1.6%) 0.1% International Operations 15.2% (15.3%) (0.1)% Total sales 5.2% (4.1%)   1.1%   26 Weeks Ended July 30, 2011 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on aLocal CurrencyBasis Sales: North American Delivery 2.5% (0.5)% 2.0% North American Retail 1.2% (1.4)% (0.2)% International Operations 9.3% (10.5)% (1.2)% Total sales 3.5% (3.0)% 0.5% This presentation refers to growth rates in local currency so that business results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Staples’ business performance. To present this information, current period results for entities reporting in currencies other than U.S. dollars are converted into U.S. dollars at the prior year average monthly exchange rates.     STAPLES, INC. AND SUBSIDIARIES Reconciliation of Operating Cash Flow to Free Cash Flow (Dollar Amounts in Thousands) (Unaudited)   26 Weeks Ended July 30, 2011 July 31, 2010   Net cash provided by operating activities $ 302,164 $ 245,426 Acquisition of property and equipment   (164,149 )   (150,719 ) Free cash flow $ 138,015   $ 94,707   Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the company’s ability to generate cash and invest in its business.

Staples, Inc.Media Contact:Owen Davis, 508-253-8468oppureInvestor Contact:Laurel Lefebvre/Kevin Barry508-253-4080/1487