Staples, Inc. annuncia i risultati del quarto trimestre e dell’intero anno 2011

29 Febbraio 2012, di Redazione Wall Street Italia

Staples, Inc. (Nasdaq: SPLS) ha annunciato oggi i risultati del quarto trimestre e dell’anno fiscale chiuso il 28 gennaio 2012. Rispetto al quarto trimestre 2010, il fatturato aziendale globale del quarto trimestre 2011 è cresciuto dell’1%, attestandosi a 6,5 miliardi di dollari. Nel quarto trimestre 2011, il reddito netto ha registrato una crescita del 3% su base annua, raggiungendo i 284 milioni di dollari. Gli utili per azione su base diluita, su base GAAP, sono saliti dell’8%, passando dagli 0,38 dollari del quarto trimestre 2010 a 0,41 dollari, e hanno registrato un aumento del 5% rispetto agli utili per azione adeguati su base diluita, pari a 0,39 dollari, realizzati nel quarto trimestre 2010. Su base GAAP, il reddito operativo del quarto trimestre 2011 è cresciuto di 58 punti base fino al 7,26% rispetto al quarto trimestre 2010. Se si esclude l’impatto delle spese di integrazione e ristrutturazione nel corrispondente periodo dell’anno precedente, il reddito operativo del quarto trimestre 2011 ha registrato un aumento di 48 punti base. Tale aumento rispecchia essenzialmente la riduzione degli incentivi ai dipendenti e delle spese di deprezzamento. “Nel corso del 2011, Staples ha celebrato il suo 25° anniversario registrando un fatturato aziendale globale pari a 25 miliardi di dollari”, ha affermato Ron Sargent, Presidente e CEO di Staples. “Abbiamo realizzato una crescita significativa degli utili, generato un flusso di cassa disponibile di oltre 1 miliardo di dollari per il quarto anno consecutivo e definito solidi piani per migliorare i nostri risultati nel 2012.” Per l’anno 2011, il fatturato aziendale globale è aumentato del 2% rispetto al 2010, raggiungendo i 25 miliardi di dollari. Il reddito netto ha registrato una crescita del 12% su base annua attestandosi a 985 milioni di dollari, mentre gli utili per azione su base diluita, su base GAAP, sono aumentati del 16% (1,40 dollari contro 1,21 dollari raggiunti lo scorso anno). Gli utili per azione adeguati su base diluita, pari a 1,37 dollari per il 2011, hanno registrato una crescita dell’8% rispetto al valore di 1,27 dollari raggiunto nel 2010. Tali risultati adeguati non includono il rimborso fiscale in contanti pari a 21 milioni di dollari, ovvero 0,03 dollari per azione su base diluita, nel secondo trimestre 2011 né le spese di pre-integrazione e ristrutturazione di 58 milioni di dollari, ovvero 0,06 dollari per azione su base diluita al netto delle imposte, relative all’intero anno 2010. L’azienda ha generato un flusso di cassa operativo di 1,6 miliardi di dollari e, nel 2011, ha investito 384 milioni di dollari in spese in conto capitale, ottenendo un flusso di cassa disponibile pari a 1,2 miliardi di dollari per l’intero anno. L’azienda ha utilizzato il flusso di cassa disponibile per il riacquisto di 37 milioni di azioni per un valore di 605 milioni di dollari e ha distribuito dividendi agli azionisti per 278 milioni di dollari nel corso del 2011. Alla fine dell’anno, l’azienda disponeva di 2,5 miliardi di dollari in liquidità, inclusi 1,3 miliardi di dollari di disponibilità liquide e mezzi equivalenti. North American Delivery Nel quarto trimestre 2011 il fatturato di North American Delivery è stato pari a 2,5 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 le caffetterie e la forte crescita di fatturato nel settore dei prodotti tecnologici. Il reddito operativo è aumentato di 84 punti base, raggiungendo il 9,15% rispetto al quarto trimestre 2010. Tale aumento rispecchia essenzialmente la riduzione degli incentivi ai dipendenti e il miglioramento delle efficienze distributive, un risultato parzialmente controbilanciato da un modesto calo dei margini sui prodotti. Per l’intero anno 2011, il fatturato di North American Delivery è stato pari a 10,1 miliardi di dollari, dato in aumento del 2% rispetto al 2010. Il reddito operativo dell’intero anno ha registrato una crescita di 19 punti base, raggiungendo l’8,73% rispetto all’anno precedente. North American Retail Nel quarto trimestre 2011 il fatturato di North American Retail si è attestato a 2,6 miliardi di dollari, dato in aumento del 3% rispetto al quarto trimestre 2010. Il fatturato relativo ai punti vendita (stores) del quarto trimestre 2011 è aumentato del 2% rispetto al quarto trimestre 2010, un dato che riflette la maggiore consistenza degli ordinativi medi e una leggera crescita nel traffico clienti. Il reddito operativo è cresciuto di 99 punti base, raggiungendo il 9,12% rispetto al quarto trimestre 2010. Tale risultato rispecchia essenzialmente la riduzione degli incentivi ai dipendenti e l’ottimizzazione delle spese fisse a fronte di maggiori vendite, parzialmente controbilanciato dagli investimenti in corso effettuati per stimolare la crescita delle categorie di prodotti contigue. Nel corso del quarto trimestre, l’azienda ha aperto 12 punti vendita e ne ha chiusi quattro negli Stati Uniti, mentre in Canada ha aperto due punti vendita chiudendone uno. Per l’intero anno 2011, il fatturato di North American Retail ha raggiunto i 9,7 miliardi di dollari, registrando un aumento dell’1%, mentre il fatturato relativo ai punti vendita (stores) è rimasto sostanzialmente invariato rispetto al 2010. Il reddito operativo dell’intero anno ha registrato una crescita di 25 punti base, raggiungendo l’8,33% rispetto all’anno precedente. Nel 2011, l’azienda ha aperto 20 punti vendita e ne ha chiusi 12 negli Stati Uniti, mentre in Canada ha aperto 11 punti vendita e ne ha chiusi due, con un attivo di 1.917 punti vendita in Nord America alla fine dell’anno. Operazioni internazionali Il fatturato delle operazioni internazionali per il quarto trimestre è stato pari a 1,3 miliardi di dollari, registrando una flessione del 5% in dollari statunitensi e un calo del 4% in valuta locale rispetto al quarto trimestre 2010. Nel settore Contract a livello europeo, la crescita del fatturato è stata largamente controbilanciata da una flessione del 9% del fatturato relativo ai punti vendita (stores) in Europa e da scarse vendite in Australia. Il reddito operativo è sceso di 173 punti base, attestandosi al 2,48% rispetto al quarto trimestre 2010. Tale contrazione è dovuta principalmente alla riduzione della leva finanziaria dei costi di distribuzione e consegna, nonché dei costi di affitto a fronte di minori vendite nel settore Retail europeo, un risultato parzialmente controbilanciato da una diminuzione delle spese di marketing. Per l’intero anno 2011, il fatturato delle operazioni internazionali ha raggiunto i 5,3 miliardi di dollari, registrando un aumento del 3% in dollari statunitensi e un calo del 4% in valuta locale rispetto al 2010. Il reddito operativo dell’intero anno ha registrato una riduzione di 138 punti base, attestandosi all’1,85% rispetto all’anno precedente. Nel 2011, l’azienda ha aperto sei punti vendita e ne ha chiusi nove nelle operazioni internazionali, chiudendo l’anno con un attivo di 378 punti vendita. Scenario Le prospettive per il 2012 sono di crescita economica rallentata negli Stati Uniti e di livelli di domanda modesti in Europa. Tenendo in considerazione l’impatto della 53ª settimana nell’anno fiscale 2012, l’azienda prevede un modesto aumento del fatturato nell’intero anno rispetto all’anno precedente e una crescita più importante 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 oltre 1 miliardo di dollari di flusso di cassa disponibile nel 2012. 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 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 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 annual report on Form 10-K 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)     January 28, January 29, 2012 2011 ASSETS Current assets: Cash and cash equivalents $ 1,264,149 $ 1,461,257 Receivables, net 2,033,680 1,970,483 Merchandise inventories, net 2,431,845 2,359,173 Deferred income tax assets 305,611 295,232 Prepaid expenses and other current assets   255,535     382,022   Total current assets 6,290,820 6,468,167   Property and equipment: Land and buildings 1,034,983 1,064,981 Leasehold improvements 1,330,373 1,328,397 Equipment 2,462,351 2,287,505 Furniture and fixtures   1,084,358     1,032,502   Total property and equipment 5,912,065 5,713,385 Less: accumulated depreciation and amortization   3,831,704     3,565,614   Net property and equipment 2,080,361 2,147,771   Intangible assets, net of accumulated amortization 449,781 522,722 Goodwill 3,982,130 4,073,162 Other assets   627,530     699,845   Total assets $ 13,430,622   $ 13,911,667     LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,220,414 $ 2,208,386 Accrued expenses and other current liabilities 1,414,721 1,497,851 Debt maturing within one year   439,143     587,356   Total current liabilities 4,074,278 4,293,593   Long-term debt 1,599,037 2,014,407 Other long-term obligations 735,094 652,486   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 922,126,579 shares at January 28, 2012 and 908,449,980 shares at January 29, 2011 553 545 Additional paid-in capital 4,551,299 4,334,735 Accumulated other comprehensive income (loss) (319,743 ) (96,933 ) Retained earnings 7,199,060 6,492,340 Less: Treasury stock at cost, 226,383,032 shares at January 28, 2012 and 187,536,869 shares at January 29, 2011   (4,416,018 )   (3,786,977 ) Total Staples, Inc. stockholders’ equity 7,015,151 6,943,710 Noncontrolling interests   7,062     7,471   Total stockholders’ equity   7,022,213     6,951,181   Total liabilities and stockholders’ equity $ 13,430,622   $ 13,911,667     STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)         13 Weeks Ended 52 Weeks Ended January 28, January 29, January 28, January 29, 2012 2011 2012 2011   Sales $ 6,459,715 $ 6,415,402 $ 25,022,192 $ 24,545,113 Cost of goods sold and occupancy costs   4,727,441     4,694,758     18,280,364     17,938,958   Gross profit 1,732,274 1,720,644 6,741,828 6,606,155   Operating and other expenses: Selling, general and administrative 1,248,035 1,270,019 5,048,492 4,913,188 Amortization of intangibles 15,459 15,776 64,902 61,689 Integration and restructuring costs   –     6,220     –     57,765   Total operating and other expenses   1,263,494     1,292,015     5,113,394     5,032,642     Operating income 468,780 428,629 1,628,434 1,573,513   Other (expense) income: Interest income 1,789 2,015 7,577 7,722 Interest expense (42,110 ) (53,406 ) (173,751 ) (214,824 ) Other income (expense)     1,118     (2,757 )   (3,119 )   (9,816 ) Consolidated income before income taxes 429,577 374,481 1,459,141 1,356,595 Income tax expense   146,056     99,733     475,308     468,026   Consolidated net income 283,521 274,748 983,833 888,569 (Loss) income attributed to noncontrolling interests   (72 )   6     (823 )   6,621   Net income attributed to Staples, Inc. $ 283,593   $ 274,742   $ 984,656   $ 881,948     Earnings Per Share: Basic earnings per common share $ 0.41   $ 0.39   $ 1.42   $ 1.23   Diluted earnings per common share $ 0.41   $ 0.38   $ 1.40   $ 1.21     Dividends declared per common share $ 0.10   $ 0.09   $ 0.40   $ 0.36     Weighted average shares outstanding: Basic 683,504,797 709,923,535 694,986,213 715,596,180 Diluted 691,992,682 721,164,216 704,019,084 726,220,324   STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Dollar Amounts in Thousands) (unaudited)     52 Weeks Ended January 28, January 29, 2012 2011 Operating Activities: Consolidated net income, including (loss) income from the noncontrolling interests $ 983,833 $ 888,569 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 482,056 498,863 Stock-based compensation 151,822 146,879 Excess tax benefits from stock-based compensation arrangements (1,805 ) – Deferred income tax expense 6,706 172,630 Other 4,452 5,418 Changes in assets and liabilities: Increase in receivables (73,670 ) (95,656 ) Increase in merchandise inventories (82,343 ) (46,450 ) Decrease (increase) in prepaid expenses and other assets 123,660 (70,600 ) Increase in accounts payable 23,677 63,305 Decrease in accrued expenses and other liabilities (117,389 ) (191,917 ) Increase in other long-term obligations   75,476     75,450   Net cash provided by operating activities 1,576,475 1,446,491   Investing Activities: Acquisition of property and equipment (383,654 ) (408,889 ) Acquisition of businesses, net of cash acquired   –     (63,066 ) Net cash used in investing activities (383,654 ) (471,955 )   Financing Activities: Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans 73,866 85,429 Proceeds from borrowings 301,843 201,566 Payments on borrowings, including payment of deferred financing fees (820,631 ) (207,478 ) Purchase of noncontrolling interest (10,000 ) (360,595 ) Cash dividends paid (277,936 ) (258,746 ) Excess tax benefits from stock-based compensation arrangements 1,805 – Purchase of treasury stock, net   (629,041 )   (398,582 ) Net cash used in financing activities (1,360,094 ) (938,406 )   Effect of exchange rate changes on cash and cash equivalents   (29,835 )   9,308     Net (decrease) increase in cash and cash equivalents (197,108 ) 45,438 Cash and cash equivalents at beginning of period   1,461,257     1,415,819   Cash and cash equivalents at end of period $ 1,264,149   $ 1,461,257           STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited)   13 Weeks Ended 52 Weeks Ended   January 28, January 29, January 28, January 29, 2012 2011 2012 2011 Sales: North American Delivery $ 2,528,419 $ 2,490,043 $ 10,056,011 $ 9,849,218 North American Retail 2,631,007 2,562,651 9,660,847 9,529,757 International Operations   1,300,289     1,362,708     5,305,334     5,166,138   Total segment sales $ 6,459,715   $ 6,415,402   $ 25,022,192   $ 24,545,113     Business Unit Income: North American Delivery $ 231,255 $ 206,879 $ 877,867 $ 841,429 North American Retail 239,971 208,239 804,396 770,122 International Operations   32,304     57,401     97,993     166,606   Business unit income 503,530 472,519 1,780,256 1,778,157 Stock-based compensation (34,750 ) (37,670 ) (151,822 ) (146,879 ) Interest and other expense, net (39,203 ) (54,148 ) (169,293 ) (216,918 ) Integration and restructuring costs   –     (6,220 )   –     (57,765 ) Consolidated income before income taxes $ 429,577   $ 374,481   $ 1,459,141   $ 1,356,595     STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Income Statement Disclosures (Dollar Amounts in Thousands) (Unaudited)         13 Weeks Ended January 28, 2012 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income taxexpense Net incomeattributed toStaples, Inc. GAAP, as reported and adjusted $ 1,263,494     $ 468,780   $ 429,577   $ 146,056   $ 283,593     13 Weeks Ended January 29, 2011 Operating expenses Operating income Consolidatedincome beforeincome taxes   Income taxexpense Net incomeattributed toStaples, Inc. GAAP, as reported $ 1,292,015 $ 428,629 $ 374,481 $ 99,733 $ 274,742 Integration and restructuring costs   (6,220 )   6,220   6,220   1,656   4,564   Non-GAAP, as adjusted $ 1,285,795   $ 434,849 $ 380,701 $ 101,389 $ 279,306       52 Weeks Ended January 28, 2012 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income taxexpense Net incomeattributed toStaples, Inc. GAAP, as reported $ 5,113,394 $ 1,628,434 $ 1,459,141 $ 475,308 $ 984,656 Tax refund   –     –   –   20,800   (20,800 ) Non-GAAP, as adjusted $ 5,113,394   $ 1,628,434 $ 1,459,141 $ 496,108 $ 963,856     52 Weeks Ended January 29, 2011 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income taxexpense Net incomeattributed toStaples, Inc. GAAP, as reported $ 5,032,642 $ 1,573,513 $ 1,356,595 $ 468,026 $ 881,948 Integration and restructuring costs   (57,765 )   57,765     57,765     20,985     36,780   Non-GAAP, as adjusted $ 4,974,877   $ 1,631,278   $ 1,414,360   $ 489,011   $ 918,728         STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited)     13 Weeks Ended January 28, 2012 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on a Local Currency Basis Sales: North American Delivery 1.5 % 0.2 % 1.7 % North American Retail 2.7 % 0.3 % 3.0 % International Operations (4.6 )% 0.3 % (4.3 )% Total sales 0.7 % 0.3 %   1.0 %   52 Weeks Ended January 28, 2012 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on a Local Currency Basis Sales: North American Delivery 2.1 % (0.3 )% 1.8 % North American Retail 1.4 % (0.8 )% 0.6 % International Operations 2.7 % (6.2 )% (3.5 )% Total sales 1.9 % (1.7 )% 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.   STAPLES, INC. AND SUBSIDIARIES Reconciliation of Operating Cash Flow to Free Cash Flow (Dollar Amounts in Thousands) (Unaudited)     52 Weeks Ended January 28, 2012 January 29, 2011   Net cash provided by operating activities $ 1,576,475 $ 1,446,491 Acquisition of property and equipment   (383,654 )   (408,889 ) Free cash flow $ 1,192,821   $ 1,037,602     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, 508-253-8530orOwen Davis, 508-253-8468orInvestor Contact:Chris Powers, 508-253-4632orKevin Barry, 508-253-1487