Staples, Inc. (Nasdaq:SPLS) ha annunciato oggi i risultati del terzo trimestre terminato il 30 ottobre 2010. Il fatturato aziendale globale del terzo trimestre 2010, pari a 6,5 miliardi di dollari, è cresciuto leggermente rispetto al terzo trimestre 2009. Il reddito netto del terzo trimestre 2010 ha registrato una crescita del 7% su base annua arrivando a 289 milioni di dollari, mentre gli utili per azione su base diluita, su base GAAP, hanno avuto un incremento dell’8% (0,40 dollari contro 0,37 dollari nel terzo trimestre 2009). Gli utili per azione adeguati su base diluita pari a 0,41 dollari nel terzo trimestre 2010 sono aumentati del 5% rispetto a quelli realizzati nel terzo trimestre 2009, pari a 0,39 dollari. Tali risultati adeguati non includono le spese di integrazione e ristrutturazione prima delle imposte del terzo trimestre 2010, pari a 9 milioni di dollari, né quelli del terzo trimestre 2009, pari a 16 milioni di dollari. “Le nostre iniziative di crescita in Nord America continuano ad avere un effetto trainante, e abbiamo compiuto importanti progressi migliorando la redditività del nostro settore attività internazionali”, ha dichiarato Ron Sargent, Presidente e CEO di Staples. “La nostra positiva performance finanziaria è la conseguenza di un’operatività oculata, basata su investimenti che ci consentiranno di ottenere una crescita a lungo termine”. Su base GAAP, il reddito operativo del terzo trimestre 2010 è cresciuto di 71 punti base fino al 7,87% rispetto al terzo trimestre 2009. Non considerando l’impatto delle spese di integrazione e ristrutturazione, nel terzo trimestre 2010 il reddito operativo è cresciuto di 60 punti base raggiungendo l’8,01%. Tale aumento rispecchia fondamentalmente il miglioramento dei margini sui prodotti, oltre che la riduzione dei costi di consegna e distribuzione e dell’ammortamento. Il tasso fiscale effettivo dell’azienda nel terzo trimestre 2010 è stato del 37,5%, contro il 34,5% nel terzo trimestre 2009. Tale aumento è dovuto al fatto che sono scaduti i termini delle normative fiscali che consentivano di differire l’imposta sul reddito su determinati utili esteri. L’azienda ha generato un flusso di cassa disponibile per 758 milioni di dollari al netto di 246 milioni di dollari di spese in conto capitale, concludendo il terzo trimestre 2010 con 2,6 miliardi di dollari di liquidità , inclusi 1,4 miliardi di dollari di disponibilità liquide e mezzi equivalenti. Nel terzo trimestre, l’azienda ha riacquistato 8 milioni di azioni ordinarie per un totale di 156 milioni di dollari. North American Delivery Nel terzo trimestre 2010 il fatturato di North American Delivery è stato di 2,5 miliardi di dollari, dato in aumento del 3% in dollari USA e del 2% in valuta locale rispetto al terzo trimestre 2009, in ragione dei forti acquisti da parte dei clienti. Rispetto al terzo trimestre 2009, il reddito operativo è rimasto invariato all’8,85%. L’aumento del reddito operativo, trainato dalla riduzione delle spese di ammortamento e da una maggiore efficienza della catena di fornitura, è stato controbilanciato dagli investimenti in iniziative di crescita. North American Retail Nel terzo trimestre 2010 il fatturato di North American Delivery è stato di 2,6 miliardi di dollari, dato in aumento dell’1% in dollari USA e invariato in valuta locale rispetto al terzo trimestre 2009. Il fatturato relativo ai punti vendita (stores) del terzo trimestre 2010 è sceso dell’1% rispetto al terzo trimestre 2009. Rispetto al terzo trimestre 2009, il reddito operativo è cresciuto di 47 punti base raggiungendo il 10,58%. Tale progresso rispecchia fondamentalmente l’aumento dei margini sui prodotti e la riduzione del deprezzamento, controbilanciati da investimenti in manodopera. North American Retail ha aperto dieci punti vendita e ne ha chiuso uno, concludendo il terzo trimestre 2010 con 1.897 punti vendita all’attivo in Nord America. Attività internazionali Nel terzo trimestre 2010 il fatturato delle attività internazionali ha totalizzato 1,4 miliardi di dollari, con una flessione del 4% in dollari USA e dell’1% in valuta locale rispetto al terzo trimestre 2009. Nel settore Contract a livello europeo, la crescita del fatturato in valuta locale è stata largamente controbilanciata da una flessione del 2% del fatturato relativo ai punti vendita (stores) rispetto al terzo trimestre 2009. Rispetto al terzo trimestre 2009, il reddito operativo è cresciuto di 150 punti base raggiungendo il 4,33%. Tale aumento rispecchia fondamentalmente i miglioramenti nei settori dei sistemi di stampa in Europa, European Delivery e australiano, nonché la riduzione dell’ammortamento, parzialmente controbilanciati da una lieve riduzione della leva finanziaria delle spese fisse sulle vendite di minore entità nel settore Retail europeo. Durante il terzo trimestre 2010, nell’ambito del Retail europeo è stato aperto un punto vendita e ne sono stati chiusi tre. Il settore attività internazionali ha concluso il terzo trimestre 2010 con 381 punti vendita all’attivo. Scenario Per il quarto trimestre 2010, l’azienda prevede un modesto aumento del fatturato rispetto allo stesso periodo del 2009. Prevede inoltre di realizzare utili per azione su base diluita, su base GAAP, compresi tra 0,38 e 0,40 dollari per il quarto trimestre 2010. Escludendo spese di integrazione e ristrutturazione prima delle imposte per circa 8 milioni di dollari, o un impatto di circa 0,01 dollari per azione, l’azienda prevede di realizzare, nel quarto trimestre 2010, utili per azione adeguati su base diluita compresi tra 0,39 e 0,41 dollari. Per l’intero anno 2010, l’azienda prevede un modesto aumento del fatturato globale rispetto al 2009. L’azienda prevede inoltre di realizzare utili per azione su base diluita, su base GAAP, compresi tra 1,22 e 1,24 dollari per l’intero 2010. Escludendo spese di integrazione e ristrutturazione prima delle imposte per circa 60 milioni di dollari, o un impatto di 0,05 dollari per azione, l’azienda prevede di realizzare, nell’intero 2010, utili per azione adeguati su base diluita compresi tra 1,27 e 1,29 dollari. L’azienda dovrebbe generare un flusso di cassa disponibile di oltre 1 miliardo di dollari per l’intero anno 2010, dopo aver sborsato circa 400 milioni di dollari per spese in conto capitale. Per l’intero anno 2011, l’azienda prevede di realizzare un aumento del fatturato globale poco più che modesto, e utili per azione su base diluita compresi tra 1,50 e 1,60 dollari. L’azienda prevede che gli utili per azione dell’intero anno 2011 beneficeranno dell’integrazione in corso di Corporate Express, della crescita del settore dei servizi a elevato margine, della riduzione delle spese per interessi, di riacquisti di azioni e del previsto ritorno al 34,5 circa del suo tasso fiscale effettivo. Per l’intero anno 2011, l’azienda prevede di generare un flusso di cassa disponibile di oltre 1 miliardo di dollari, dopo aver sborsato circa 500 milioni di dollari per spese in conto capitale. Presentation of Non-GAAP Information This press release presents certain results both with and without integration and restructuring expense associated with Corporate Express. This press release also presents certain results both with and without the impact of fluctuations in foreign currency exchange rates. The presentation of results that exclude these items are non-GAAP financial measures that should be considered in addition to, and should not be considered superior to, or as a substitute for, the presentation of results determined in accordance with GAAP. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. Management believes that the non-GAAP financial measures presented provide a better comparison to prior periods because the adjustments do not affect the on-going operations of the combined businesses. Management uses these non-GAAP financial measures to evaluate the operating results of the company’s business against prior year results and its operating plan, and to forecast and analyze future periods. Management recognizes there are limitations associated with the use of non-GAAP financial measures as they may reduce comparability with other companies that use different methods to calculate similar non-GAAP measures. Management generally compensates for the limitations resulting from the exclusion of these items by considering the impact of these items separately according to GAAP as well as non-GAAP results and outlook, and in addition, in this press release, by presenting the most comparable GAAP measures ahead of non-GAAP measures and providing a reconciliation that indicates and describes the adjustments made. 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 all’indirizzo http://investor.staples.com. Informazioni su Staples Staples, la più grande azienda mondiale di forniture per ufficio, si pone l’obiettivo di semplificare le procedure di acquisto dei propri prodotti e servizi. La nostra vasta gamma di forniture per ufficio, prodotti elettronici e tecnologici, arredi e servizi per aziende, inclusi la riparazione di computer e servizi di copia e stampa, consente ai clienti di condurre in maniera efficiente e ottimale le attività delle loro sedi. Con un fatturato di 24 miliardi di dollari nel 2009 e 91.000 collaboratori in tutto il mondo, Staples è presente in 26 paesi in Nord e Sud America, Europa, Asia e Australia e serve clienti privati e aziende di ogni dimensione. Nel 1986 Staples ha inventato il concetto di office superstore e si colloca oggi al secondo posto nella classifica delle vendite di e-commerce. 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. Some of the forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk, including the review of our assessments by our outside auditor and changes in management’s assumptions and projections. Actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including but not limited to: global economic conditions may continue to cause a decline in business and consumer spending which 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 and we may not successfully integrate acquisitions to realize anticipated benefits; we may be unable to continue to enter new markets successfully; our expanding international operations expose us to risk inherent in foreign operations; our effective tax rate may fluctuate; fluctuations in foreign exchange rates could lead to lower earnings; we may be unable to attract and retain qualified associates; our quarterly operating results are subject to significant fluctuation; if we are unable to manage our debt, it could materially harm our business and financial condition and restrict our operating flexibility; our business may be adversely affected by the actions of and risks associated with our third-party vendors; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property and product liability claims; technological problems may impact our operations; our information security may be compromised; various legal proceedings, third party claims, investigations or audits may adversely affect our business and financial performance; changes in federal, state or local regulations may increase our cost of doing business; 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)    October 30, January 30, 2010 2010 ASSETS Current assets: Cash and cash equivalents $ 1,369,721 $ 1,415,819 Receivables, net 1,995,066 1,811,365 Merchandise inventories, net 2,432,273 2,261,149 Deferred income tax asset 282,435 353,329 Prepaid expenses and other current assets 355,873 333,105 Total current assets 6,435,368 6,174,767  Property and equipment: Land and buildings 1,075,375 1,051,391 Leasehold improvements 1,304,545 1,268,848 Equipment 2,211,215 2,035,658 Furniture and fixtures 1,012,955 966,783 Total property and equipment 5,604,090 5,322,680 Less accumulated depreciation and amortization 3,499,740 3,158,147 Net property and equipment 2,104,350 2,164,533  Lease acquisition costs, net of accumulated amortization 23,214 25,083 Intangible assets, net of accumulated amortization 537,108 579,923 Goodwill 4,108,070 4,084,122 Other assets 672,652 688,906 Total assets $ 13,880,762 $ 13,717,334  LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,289,351 $ 2,111,696 Accrued expenses and other current liabilities 1,537,407 1,603,354 Debt maturing within one year 589,643 67,269 Total current liabilities 4,416,401 3,782,319  Long-term debt 2,054,758 2,500,329 Other long-term obligations 626,838 579,746  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 906,024,936 shares at October 30, 2010 and 896,655,170 shares at January 30, 2010 544 538 Additional paid-in capital 4,254,523 4,379,942 Accumulated other comprehensive loss -86,992 -89,337 Retained earnings 6,281,488 5,869,138 Less: Treasury stock at cost – 182,487,378 shares at October 30, 2010 and 167,990,178 shares at January 30, 2010 (3,674,108) (3,388,395) Total Staples, Inc. stockholders’ equity 6,775,455 6,771,886 Noncontrolling interests 7,310 83,054 Total stockholders’ equity 6,782,765 6,854,940 Total liabilities and stockholders’ equity $ 13,880,762 $ 13,717,334 STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)     13 Weeks Ended 39 Weeks Ended  October 30, October 31, October 30, October 31, 2010 2009 2010 2009  Sales $ 6,537,676 $ 6,518,039 $ 18,129,711 $ 17,869,377 Cost of goods sold and occupancy costs 4,733,928 4,751,836 13,244,200 13,153,015 Gross profit 1,803,748 1,766,203 4,885,511 4,716,362  Operating and other expenses: Selling, general and administrative 1,264,676 1,256,479 3,643,169 3,616,049 Integration and restructuring costs 9,019 15,872 51,545 64,502 Amortization of intangibles 15,628 26,890 45,913 75,405 Total operating expenses 1,289,323 1,299,241 3,740,627 3,755,956  Operating income 514,425 466,962 1,144,884 960,406  Other (expense) income: Interest income 2,045 1,364 5,706 4,366 Interest expense (52,775) (58,016) (161,418) (179,447) Other (expense) income  (1,824) 8,266 (7,059) 5,984 Consolidated income before income taxes 461,871 418,576 982,113 791,309 Income tax expense 173,201 144,409 368,293 273,002 Consolidated net income 288,670 274,167 613,820 518,307 (Loss) income attributed to the noncontrolling interests (10) 4,786 6,614 13,551 Net income attributed to Staples, Inc. $ 288,680 $ 269,381 $ 607,206 $ 504,756    Earnings Per Share:  Basic earnings per common share $ 0.40 $ 0.38 $ 0.85 $ 0.71  Diluted earnings per common share $ 0.40 $ 0.37 $ 0.83 $ 0.70  Dividends declared per common share $ 0.09 $ 0.08 $ 0.27 $ 0.25 STAPLES, INC. AND SUBSIDIARIES  Condensed Consolidated Statements of Cash Flows (Dollar Amounts in Thousands) (Unaudited)     39 Weeks Ended October 30, October 31, 2010 2009 Operating Activities: Consolidated net income, including income from the noncontrolling interests  $ 613,820 $ 518,307 Adjustments to reconcile net income attributed to the controlling interests to net cash provided by operating activities: Depreciation and amortization  371,279 411,330 Stock-based compensation 109,209 132,539 Deferred tax expense (income) 152,505 (38,028) Excess tax benefits from stock-based compensation arrangments – (2,161) Other  (2,725) 26,231 Changes in assets and liabilities: (Increase) decrease in receivables  (145,644) 23,072 (Increase) decrease in merchandise inventories  (134,132) 160,935 (Increase) decrease in prepaid expenses and other assets  (17,307) 218,917 Increase in accounts payable 151,913 129,752 Decrease in accrued expenses and other current liabilities  (141,484) (21,307) Increase in other long-term obligations  46,654 27,700 Net cash provided by operating activities  1,004,088 1,587,287  Investing Activities: Acquisition of property and equipment  (245,802) (191,149) Acquisition of businesses, net of cash acquired (39,065) – Net cash used in investing activities  (284,867) (191,149)  Financing Activities: Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans  43,868 70,061 Repayments of commercial paper, net of proceeds from issuances – (1,195,557) Proceeds from borrowings  175,035 1,176,330 Payments on borrowings, including payment of deferred financing fees  (151,068) (911,979) Purchase of noncontrolling interest (360,595) – Cash dividends paid (194,856) (177,323) Excess tax benefits from stock-based compensation arrangments – 2,161 Purchase of treasury stock, net (285,713) (28,382) Net cash used in financing activities  (773,329) (1,064,689)  Effect of exchange rate changes on cash and cash equivalents  8,010 69,924  Net (decrease) increase in cash and cash equivalents  (46,098) 401,373 Cash and cash equivalents at beginning of period  1,415,819 633,774 Cash and cash equivalents at end of period  $ 1,369,721 $ 1,035,147 STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited)  13 Weeks Ended 39 Weeks Ended   October 30, October 31, October 30, October 31, 2010 2009 2010 2009 Sales: North American Delivery $ 2,537,094 $ 2,474,424 $ 7,359,175 $ 7,215,632 North American Retail 2,644,347 2,628,873 6,967,106 6,790,476 International Operations 1,356,235 1,414,742 3,803,430 3,863,269 Total sales $ 6,537,676 $ 6,518,039 $ 18,129,711 $ 17,869,377  Business Unit Income: North American Delivery $ 224,613 $ 219,003 $ 634,550 $ 564,554 North American Retail 279,640 265,743 561,883 528,965 International Operations 58,771 40,069 109,205 63,928 Total business unit income 563,024 524,815 1,305,638 1,157,447 Stock-based compensation (39,580) (41,981) (109,209) (132,539) Total segment income 523,444 482,834 1,196,429 1,024,908 Interest and other expense, net -52,554 -48,386 -162,771 -169,097 Integration and restructuring costs -9,019 -15,872 -51,545 -64,502 Consolidated income before income taxes $ 461,871 $ 418,576 $ 982,113 $ 791,309 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)   13 Weeks Ended             October 30, 2010       October 31, 2009       GAAP As Reported Integration and Restructuring Costs  Non-GAAP As Adjusted As Adjusted % GAAP As Reported Integration and Restructuring Costs Non-GAAP As Adjusted As Adjusted %  Sales $ 6,537,676 $ – $ 6,537,676 100.00% $ 6,518,039 $ – $ 6,518,039 100.00% Cost of goods sold and occupancy costs 4,733,928 – 4,733,928 72.41% 4,751,836 – 4,751,836 72.90% Gross profit 1,803,748 – 1,803,748 27.59% 1,766,203 – 1,766,203 27.10%  Operating and other expenses: Selling, general and administrative 1,264,676 – 1,264,676 19.34% 1,256,479 – 1,256,479 19.28% Integration and restructuring costs 9,019 (9,019) – 0.00% 15,872 (15,872) – 0.00% Amortization of intangibles 15,628 – 15,628 0.24% 26,890 – 26,890 0.41% Total operating expenses 1,289,323 (9,019) 1,280,304 19.58% 1,299,241 (15,872) 1,283,369 19.69%  Operating income 514,425 9,019 523,444 8.01% 466,962 15,872 482,834 7.41%  Interest and other expense, net 52,554 – 52,554 0.80% 48,386 – 48,386 0.74% Consolidated income before income taxes 461,871 9,019 470,890 7.20% 418,576 15,872 434,448 6.67% Income tax expense 173,201 3,382 176,583 2.70% 144,409 5,476 149,885 2.30% Consolidated net income 288,670 5,637 294,307 4.50% 274,167 10,396 284,563 4.37% (Loss) income attributed to the noncontrolling interests (10) – (10) 0.00% 4,786 – 4,786 0.07% Net income attributed to Staples, Inc. $ 288,680 $ 5,637 $ 294,317 4.50% $ 269,381 $ 10,396 $ 279,777 4.29%   Earnings Per Share:  Basic earnings per common share $ 0.40 $ 0.01 $ 0.41 $ 0.38 $ 0.01 $ 0.39  Diluted earnings per common share $ 0.40 $ 0.01 $ 0.41 $ 0.37 $ 0.02 $ 0.39   Weighted average shares outstanding:  Basic 714,180,111 711,396,783  Diluted 721,832,928 722,621,780 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statement of Income (Dollar Amounts in Thousands, Except Per Share Data) (Unaudited)         39 Weeks Ended               October 30, 2010       October 31, 2009       GAAP As Reported  Integration and Restructuring Costs  Non-GAAP As Adjusted  As Adjusted %  GAAP As Reported  Integration and Restructuring Costs  Non-GAAP As Adjusted  As Adjusted %  Sales $ 18,129,711 $ – $ 18,129,711 100.00% $ 17,869,377 $ – $ 17,869,377 100.00% Cost of goods sold and occupancy costs 13,244,200 – 13,244,200 73.05% 13,153,015 – 13,153,015 73.61% Gross profit 4,885,511 – 4,885,511 26.95% 4,716,362 – 4,716,362 26.39%  Operating and other expenses: Selling, general and administrative 3,643,169 – 3,643,169 20.10% 3,616,049 – 3,616,049 20.24% Integration and restructuring costs 51,545 (51,545) – 0.00% 64,502 (64,502) – 0.00% Amortization of intangibles 45,913 – 45,913 0.25% 75,405 – 75,405 0.42% Total operating expenses 3,740,627 (51,545) 3,689,082 20.35% 3,755,956 (64,502) 3,691,454 20.66%  Operating income 1,144,884 51,545 1,196,429 6.60% 960,406 64,502 1,024,908 5.74%  Interest and other expense, net 162,771 – 162,771 0.90% 169,097 – 169,097 0.95% Consolidated income before income taxes 982,113 51,545 1,033,658 5.70% 791,309 64,502 855,811 4.79% Income tax expense 368,293 19,329 387,622 2.14% 273,002 22,253 295,255 1.65% Consolidated net income 613,820 32,216 646,036 3.56% 518,307 42,249 560,556 3.14% Income attributed to the noncontrolling interests 6,614 – 6,614 0.04% 13,551 – 13,551 0.08% Net income attributed to Staples, Inc. $ 607,206 $ 32,216 $ 639,422 3.53% $ 504,756 $ 42,249 $ 547,005 3.06%    Earnings Per Share:  Basic earnings per common share $ 0.85 $ 0.04 $ 0.89 $ 0.71 $ 0.06 $ 0.77  Diluted earnings per common share $ 0.83 $ 0.05 $ 0.88 $ 0.70 $ 0.06 $ 0.76   Weighted average shares outstanding:  Basic 717,487,062 708,019,523  Diluted 727,905,694 720,011,303 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited)     13 Weeks Ended October 30, 2010      Sales Growth GAAP  Impact of Local Currency  Sales Growth on a Local Currency Basis Sales: North American Delivery 2.5% (0.3%) 2.2% North American Retail 0.6% (1.0%) (0.4%) International Operations (4.1%) 3.4% (0.7%) Total sales 0.3% 0.2% 0.5%  39 Weeks Ended October 30, 2010      Sales Growth GAAP  Impact of Local Currency  Sales Growth on a Local Currency Basis Sales: North American Delivery 2.0% (0.8%) 1.2% North American Retail 2.6% (2.2%) 0.4% International Operations (1.5%) (0.7%) (2.2%) Total sales 1.5% (1.3%) 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.
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