Resoconto Staples, Inc. per il secondo trimestre 2012

16 Agosto 2012, di Redazione Wall Street Italia

Staples, Inc. (Nasdaq: SPLS) ha annunciato oggi i risultati del secondo trimestre chiuso il 28 luglio 2012. Il fatturato aziendale globale del secondo trimestre 2012 è stato pari a 5,5 miliardi di dollari, diminuendo del 6% in dollari USA e del 3% in valuta locale rispetto al secondo trimestre 2011. Gli utili per azione su base diluita, su base GAAP, sono diminuiti del 28%, scendendo a 0,18 dollari dagli 0,25 del secondo trimestre 2011. Nel secondo trimestre 2011, l’azienda ha ricevuto un rimborso fiscale in contanti di 21 milioni di dollari. Non considerando l’effetto favorevole del rimborso fiscale, gli utili per azione su base diluita sono diminuiti del 18% rispetto agli utili per azione adeguati su base diluita, pari a 0,22 dollari, realizzati nell’anno precedente. “I risultati ottenuti nel secondo trimestre sono stati inferiori alle nostre aspettative a causa di livelli di vendita per il Nord America più modesti del previsto e della debolezza in corso in Europa e in Australia”, ha dichiarato Ron Sargent, Presidente e CEO di Staples. “Abbiamo continuato a migliorare i nostri risultati nelle categorie al di fuori delle forniture per ufficio, ma questi miglioramenti non sono stati sufficienti a compensare la debolezza dei settori computer e forniture di base per ufficio nel corso del secondo trimestre.” Nel secondo trimestre 2012 il reddito operativo è diminuito di 78 punti base fino al 4,00%. Tale diminuzione rispecchia essenzialmente la riduzione della leva finanziaria delle spese fisse e i minori margini sui prodotti, compensati da una riduzione delle spese di marketing. L’azienda ha generato un flusso di cassa operazionale di 257 milioni di dollari e ha investito nell’ultimo anno 126 milioni di dollari in spese in conto capitale, ottenendo un flusso di cassa disponibile di 131 milioni di dollari per il primo semestre 2012. L’azienda ha riacquistato 12,1 milioni di azioni per 159 milioni di dollari nel secondo trimestre del 2012. Al termine del secondo trimestre, l’azienda disponeva di 2,1 miliardi di dollari in liquidità, inclusi 1,0 miliardi di disponibilità liquide e mezzi equivalenti. North American Delivery Il fatturato di North American Delivery del secondo trimestre 2012 è stato pari a 2,4 miliardi di dollari, diminuendo dell’1% in dollari USA e rimanendo sostanzialmente invariato in valuta locale rispetto al secondo trimestre 2011. Tale risultato rispecchia essenzialmente la perdita già annunciata di due clienti di grandi dimensioni del settore Contract nel terzo trimestre 2011, controbilanciata dall’incremento delle vendite di attrezzature e forniture per caffetterie e di prodotti promozionali. Rispetto al secondo trimestre 2011, il reddito operativo è sceso di 72 punti base e ha raggiunto il 7,70%. Tale calo risente inoltre dei minori margini sui prodotti e della riduzione degli investimenti effettuati per stimolare la crescita di Staples.com, compensati in parte da una riduzione delle spese di marketing. North American Retail Le vendite di North American Retail, pari a 2,0 miliardi di dollari, sono diminuite del 3% in confronto al secondo trimestre 2011. Il fatturato relativo ai punti vendita (stores) del secondo trimestre 2012 è sceso del 2%, rispecchiando un calo del 2% del traffico clienti, mentre gli ordinativi medi sono rimasti invariati rispetto all’anno precedente. La contrazione delle vendite nei settori computer, software e accessori per computer è stata controbilanciata in parte dalla crescita dei prodotti per stampa e copia, di telefoni cellulari e accessori e delle attrezzature e forniture per caffetterie. Rispetto al secondo trimestre 2011, il reddito operativo è sceso di 59 punti base e ha raggiunto il 4,44%. Tale diminuzione riflette essenzialmente la riduzione della leva finanziaria delle spese fisse, compensata in parte dal miglioramento dei margini sui prodotti e dalla riduzione delle spese di marketing. Nel corso del secondo trimestre, l’azienda ha aperto quattro punti vendita e ne ha chiusi cinque negli Stati Uniti, ne ha aperti altri due in Canada e ha concluso così il secondo trimestre 2012 con 1.915 punti vendita operativi in Nord America. Operazioni internazionali Il fatturato delle operazioni internazionali per il secondo trimestre è stato pari a 1,1 miliardi di dollari, registrando una flessione del 18% in dollari USA e del 10% in valuta locale rispetto al secondo trimestre 2011. Questi risultati rispecchiano un ristagno delle vendite in Europa e Australia. La debolezza dell’economia ha determinato un calo nei settori European Delivery dell’azienda, nonché una flessione del 9% del fatturato relativo ai punti vendita in Europa. In confronto al secondo trimestre 2011, il reddito operativo è sceso di 325 punti base e ha dato luogo a una perdita operativa del 2,01%. Tale diminuzione rispecchia essenzialmente la riduzione della leva finanziaria delle spese fisse in Europa e Australia, nonché margini inferiori ottenuti sui prodotti in Europa. Durante il secondo trimestre 2012, l’azienda ha chiuso un punto vendita, concludendo il periodo con 375 punti vendita in funzione nell’ambito delle operazioni internazionali. Scenario I risultati dell’azienda per il secondo trimestre sono stati inferiori alle aspettative. Di conseguenza, le previsioni dell’azienda per quanto riguarda il fatturato e gli utili sono al momento prudenti. Le attuali aspettative per il 2012 presuppongono una crescita economica rallentata negli Stati Uniti e un livello debole della domanda in Europa. “Stiamo esaminando con attenzione ogni singolo settore della nostra azienda e introdurremo un programma di significative modifiche, al fine di migliorare i risultati”, ha dichiarato Ron Sargent. “Al tempo stesso stiamo creando un piano che ci consentirà di riassegnare le risorse, approfittare delle nostre migliori opportunità di crescita e stimolare ulteriori risparmi di spesa.” Tenendo in considerazione l’impatto della 53ª settimana nell’anno fiscale 2012, nonché dell’impatto sfavorevole dei tassi di cambio, l’azienda prevede che il fatturato nell’intero anno rimanga allo stesso livello dell’anno precedente e si attende un incremento modesto degli utili per azione su base diluita per l’intero anno rispetto agli utili per azione adeguati su base diluita, pari a 1,37 dollari, realizzati 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 In data odierna, alle ore 8:00 (ora della costa orientale) la società 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 più grande 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, servizi di copia e stampa, tecnologia, attrezzature e forniture per caffetterie, arredi. 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 SUBSIDIARIES Condensed Consolidated Balance Sheets (Dollar Amounts in Thousands, Except Share Data) (Unaudited)       July 28,2012 January 28,2012 ASSETS Current assets: Cash and cash equivalents $ 984,666 $ 1,264,149 Receivables, net 1,855,933 2,033,680 Merchandise inventories, net 2,629,598 2,431,845 Deferred income tax assets 297,423 305,611 Prepaid expenses and other current assets   354,324     255,535   Total current assets 6,121,944 6,290,820   Property and equipment: Land and buildings 1,013,859 1,034,983 Leasehold improvements 1,320,250 1,330,373 Equipment 2,505,464 2,462,351 Furniture and fixtures   1,083,612     1,084,358   Total property and equipment 5,923,185 5,912,065 Less: Accumulated depreciation   3,952,490     3,831,704   Net property and equipment 1,970,695 2,080,361   Intangible assets, net of accumulated amortization 412,266 449,781 Goodwill 3,861,584 3,982,130 Other assets   626,594     627,530   Total assets $ 12,993,083   $ 13,430,622     LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,236,141 $ 2,220,414 Accrued expenses and other current liabilities 1,198,676 1,414,721 Debt maturing within one year   498,987     439,143   Total current liabilities 3,933,804 4,074,278   Long-term debt 1,542,550 1,599,037 Other long-term obligations 719,976 735,094   Stockholders’ Equity: Preferred stock, $.01 par value, 5,000,000 shares authorized; no shares issued – – Common stock, $.0006 par value, 2,100,000,000 shares authorized; issued and outstanding 929,462,709 and 683,273,551 at July 28, 2012 and 922,126,579 and 695,743,547 at January 28, 2012, respectively 558 553 Additional paid-in capital 4,633,946 4,551,299 Accumulated other comprehensive loss (514,791 ) (319,743 ) Retained earnings 7,358,003 7,199,060 Less: Treasury stock at cost, 246,189,158 shares at July 28, 2012 and 226,383,032 shares at January 28, 2012   (4,688,011 )   (4,416,018 ) Total Staples, Inc. stockholders’ equity 6,789,705 7,015,151 Noncontrolling interests   7,048     7,062   Total stockholders’ equity   6,796,753     7,022,213   Total liabilities and stockholders’ equity $ 12,993,083   $ 13,430,622                     STAPLES, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)   13 Weeks Ended 26 Weeks Ended July 28,2012 July 30,2011 July 28,2012 July 30,2011   Sales $ 5,498,496 $ 5,819,612 $ 11,603,321 $ 11,992,550 Cost of goods sold and occupancy costs   4,071,211     4,279,232     8,566,321     8,815,777   Gross profit 1,427,285 1,540,380 3,037,000 3,176,773   Operating expenses: Selling, general and administrative 1,192,433 1,246,047 2,468,834 2,516,821 Amortization of intangibles   14,795     16,194     30,053     33,486   Total operating expenses   1,207,228     1,262,241     2,498,887     2,550,307     Operating income 220,057 278,139 538,113 626,466   Other (expense) income: Interest income 1,450 1,519 3,101 3,978 Interest expense (41,793 ) (41,885 ) (84,097 ) (90,678 ) Other expense     (1,352 )   (369 )   (1,698 )   (557 ) Consolidated income before income taxes 178,362 237,404 455,419 539,209 Income tax expense   57,967     61,104     148,011     165,227   Consolidated net income 120,395 176,300 307,408 373,982 Loss attributed to noncontrolling interests   (34 )   (138 )   (80 )   (701 ) Net income attributed to Staples, Inc. $ 120,429   $ 176,438   $ 307,488   $ 374,683     Earnings Per Share: Basic earnings per common share $ 0.18   $ 0.25   $ 0.45   $ 0.53   Diluted earnings per common share $ 0.18   $ 0.25   $ 0.45   $ 0.53     Dividends declared per common share $ 0.11   $ 0.10   $ 0.22   $ 0.20     Consolidated comprehensive (loss) income $ (96,529 ) $ 59,124 $ 112,426 $ 561,177 Comprehensive loss attributed to noncontrolling interests   (115 )   (48 )   (14 )   (495 ) Comprehensive (loss) income attributed to Staples, Inc $ (96,414 ) $ 59,172   $ 112,440   $ 561,672     Weighted average shares outstanding: Basic 672,862,462 698,917,409 676,554,028 702,617,764 Diluted 679,124,446 708,671,474 684,280,648 713,037,114           STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Dollar Amounts in Thousands) (Unaudited)       26 Weeks Ended July 28,2012 July 30,2011 Operating Activities: Consolidated net income, including loss from the noncontrolling interests $ 307,408 $ 373,982 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 201,555 211,550 Amortization 30,053 33,486 Stock-based compensation 63,130 81,470 Excess tax benefits from stock-based compensation arrangements (179 ) (942 ) Deferred income tax expense 8,707 54,170 Other (4,363 ) 9,901 Changes in assets and liabilities: Decrease in receivables 143,992 58,957 Increase in merchandise inventories (222,872 ) (276,649 ) Increase in prepaid expenses and other assets (104,641 ) (38,399 ) Increase in accounts payable 41,570 45,794 Decrease in accrued expenses and other liabilities (216,573 ) (264,790 ) Increase in other long-term obligations   8,993     13,634   Net cash provided by operating activities 256,780 302,164   Investing Activities: Acquisition of property and equipment   (126,220 )   (164,149 ) Net cash used in investing activities (126,220 ) (164,149 )   Financing Activities: Proceeds from issuance of commercial paper, net of repayments 49,998 254,926 Proceeds from the exercise of stock options 24,259 31,559 Proceeds from borrowings 47,243 118,174 Payments on borrowings (75,083 ) (698,631 ) Purchase of noncontrolling interest (4,649 ) – Cash dividends paid (148,545 ) (140,643 ) Excess tax benefits from stock-based compensation arrangements 179 942 Purchase of treasury stock, net   (271,993 )   (365,203 ) Net cash used in financing activities (378,591 ) (798,876 )   Effect of exchange rate changes on cash and cash equivalents (31,452 ) 22,728   Net decrease in cash and cash equivalents (279,483 ) (638,133 ) Cash and cash equivalents at beginning of period   1,264,149     1,461,257   Cash and cash equivalents at end of period $ 984,666   $ 823,124                     STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited)   13 Weeks Ended 26 Weeks Ended July 28,2012 July 30,2011 July 28,2012 July 30,2011 Sales: North American Delivery $ 2,412,755 $ 2,433,217 $ 4,967,826 $ 4,944,863 North American Retail 1,989,139 2,045,143 4,312,970 4,373,228 International Operations   1,096,602     1,341,252     2,322,525     2,674,459   Total segment sales $ 5,498,496   $ 5,819,612   $ 11,603,321   $ 11,992,550     Business Unit Income (Loss): North American Delivery $ 185,767 $ 204,765 $ 386,726 $ 401,615 North American Retail 88,413 102,872 255,368 280,221 International Operations   (22,081 )   16,576     (40,851 )   26,100   Business unit income 252,099 324,213 601,243 707,936 Stock-based compensation (32,042 ) (46,074 ) (63,130 ) (81,470 ) Interest and other expense, net   (41,695 )   (40,735 )   (82,694 )   (87,257 ) Consolidated income before income taxes $ 178,362   $ 237,404   $ 455,419   $ 539,209                         STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Income Statement Disclosures (Dollar Amounts in Thousands) (Unaudited)   13 Weeks Ended July 28, 2012 Operating expenses Operating income Consolidated income before income taxes Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 1,207,228 $ 220,057 $ 178,362 $ 57,967 $ 120,429     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       26 Weeks Ended July 28, 2012 Operating expenses Operating income Consolidated income before income taxes   Income tax expense Net income attributed to Staples, Inc. GAAP, as reported $ 2,498,887 $ 538,113 $ 455,419 $ 148,011 $ 307,488     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                 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited)   13 Weeks Ended July 28, 2012 Sales Growth GAAP Impact of Local Currency Sales Growth on a Local Currency Basis Sales: North American Delivery (0.8)% 0.4% (0.4)% North American Retail (2.7)% 1.0% (1.7)% International Operations (18.2)% 8.2% (10.0)% Total sales (5.5)% 2.4%   (3.1)%   26 Weeks Ended July 28, 2012 Sales Growth GAAP Impact of Local Currency   Sales Growth on a Local Currency Basis Sales: North American Delivery 0.5 % 0.3 % 0.8 % North American Retail (1.4)% 0.8 % (0.6)% International Operations (13.2)% 5.7 % (7.5)% Total sales (3.2)% 1.6 % (1.6)% This presentation refers to growth rates in local currency so that business results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of Staples’ business performance. To present this information, current period results for entities reporting in currencies other than U.S. dollars are converted into U.S. dollars at the prior year average monthly exchange rates.           STAPLES, INC. AND SUBSIDIARIES Reconciliation of Operating Cash Flow to Free Cash Flow (Dollar Amounts in Thousands) (Unaudited)   26 Weeks Ended   July 28, 2012 July 30, 2011   Net cash provided by operating activities $ 256,780 $ 302,164 Acquisition of property and equipment   (126,220 )   (164,149 ) Free cash flow $ 130,560   $ 138,015   Free cash flow is not defined under U.S. GAAP. Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less capital expenditures. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the company’s ability to generate cash and invest in its business.

Media Contact:Staples, Inc.Kirk Saville/Owen Davis508-253-8530/8468orInvestor Contact:Staples, Inc.Chris Powers/Kevin Barry508-253-4632/1487