Staples, Inc. (Nasdaq: SPLS) ha annunciato oggi i risultati del terzo trimestre terminato il 29 ottobre 2011. Nel terzo trimestre 2011, le vendite totali sono cresciute dello 0,5% rispetto al terzo trimestre 2010, raggiungendo una cifra di 6,6 miliardi di dollari. Nel terzo trimestre 2011, il reddito netto ha registrato una crescita del 13% su base annua arrivando a 326 milioni di dollari. Gli utili per azione su base diluita, su base GAAP, sono saliti del 18% (dagli 0,40 dollari del terzo trimestre 2010 a 0,47 dollari), aumentando del 15% rispetto agli utili per azione adeguati su base diluita, pari a 0,41 dollari, realizzati nel terzo trimestre 2010. “I nostri risultati in Nord America rispecchiano la capacità del nostro team di ottenere una forte crescita degli utili pur in un contesto estremamente difficile”, ha dichiarato Ron Sargent, Presidente e CEO di Staples. “I risultati a livello internazionale sono stati inferiori alle aspettative, poiché una pur rigorosa gestione delle spese non è bastata a compensare trend molto impegnativi che hanno inciso sul fatturato”. Su base GAAP, il reddito operativo del terzo trimestre 2011 è cresciuto di 25 punti base fino all’8,12% rispetto al terzo trimestre 2010. Se si esclude l’impatto delle spese di integrazione e ristrutturazione nel corrispondente periodo dell’anno precedente, il reddito operativo del terzo trimestre 2011 è aumentato di 11 punti base rispetto all’8,01%. Tale incremento rispecchia essenzialmente i migliori margini sui prodotti, controbilanciati da maggiori costi ed investimenti per la catena di fornitura nel tentativo di sostenere iniziative di crescita. Il tasso fiscale effettivo dell’azienda nel terzo trimestre 2011 è stato del 33,5%, contro il 37,5% del terzo trimestre 2010. La diminuzione del tasso fiscale effettivo è dovuta principalmente al rinnovo, durante il quarto trimestre 2010, di normative fiscali che consentono di differire l’imposta sul reddito su determinati utili esteri. L’azienda ha generato un flusso di cassa operazionale di 1,1 miliardi di dollari e ha investito nell’ultimo anno 244 milioni di dollari in spese in conto capitale, ottenendo un flusso di cassa disponibile di 852 milioni di dollari per i primi tre trimestri del 2011. Al termine del terzo trimestre, l’azienda disponeva di 2,3 miliardi di dollari in liquidità, inclusi 1,1 miliardi di disponibilità liquide e mezzi equivalenti. Nel terzo trimestre, l’azienda ha riacquistato 10 milioni di azioni del proprio capitale sociale per 144 milioni di dollari; nell’ultimo anno, ha riacquistato 29 milioni di azioni per 490 milioni di dollari. North American Delivery Nel terzo trimestre 2011, le vendite di North American Delivery sono state pari a 2,6 miliardi di dollari, dato in aumento dell’1,8% rispetto al terzo trimestre 2010. Tale risultato rispecchia essenzialmente il notevole incremento delle vendite di attrezzature e forniture per le caffetterie e di prodotti promozionali. Rispetto al terzo trimestre 2010, il reddito operativo è cresciuto di 63 punti base raggiungendo il 9,5%. Tale crescita rispecchia essenzialmente la migliore redditività dei rami d’attività canadesi, oltre che dei settori attrezzature e forniture per le caffetterie e prodotti promozionali negli Stati Uniti, parzialmente controbilanciata dagli investimenti in sistemi informativi e dal maggiore costo di combustibili e carburanti. North American Retail Le vendite di North American Retail, pari a 2,7 miliardi di dollari, sono rimaste sostanzialmente invariate rispetto al terzo trimestre 2010. Il fatturato relativo ai punti vendita (stores) del terzo trimestre 2011 è diminuito dell’1% in confronto al terzo trimestre 2010, rispecchiando un calo dell’1% del traffico clienti ed ordinativi medi rimasti sostanzialmente invariati. Rispetto al terzo trimestre 2010, il reddito operativo è cresciuto di 12 punti base raggiungendo il 10,7%. Tale risultato rispecchia essenzialmente i migliori margini sui prodotti, parzialmente controbilanciati dall’aumento delle spese per la manodopera e dagli investimenti in iniziative di crescita. Negli Stati Uniti, l’azienda ha aperto due punti vendita e ne ha chiusi tre, mentre ne ha aperti due in Canada, concludendo il terzo trimestre 2011 con 1.908 punti vendita operativi in Nord America. Operazioni internazionali Nel terzo trimestre 2011, le vendite delle attività internazionali sono state pari a 1,3 miliardi di dollari, con un decremento dell’1,9% in dollari USA e una flessione del 7,0% in valuta locale rispetto al terzo trimestre 2010. Ciò rispecchia il calo del 12% del fatturato relativo ai punti vendita (stores) in Europa e le scarse vendite in Australia. Rispetto al terzo trimestre 2010, il reddito operativo è sceso di 136 punti base raggiungendo il 3,0%. Tale diminuzione rispecchia essenzialmente la riduzione della leva finanziaria delle spese fisse in Australia e nel settore Retail europeo. Nel terzo trimestre 2011, l’azienda ha aperto un punto vendita in Germania. Il settore attività internazionali ha concluso il trimestre con 377 punti vendita all’attivo. Scenario Per il quarto trimestre 2011, l’azienda prevede che il dato delle vendite rimanga invariato o cresca in modo molto modesto rispetto allo stesso periodo del 2010, e si attende utili per azione su base diluita, su base GAAP, compresi tra 0,39 e 0,43 dollari. Per l’intero 2011, essa prevede inoltre un aumento molto modesto delle vendite rispetto al 2010, e si attende utili per azione su base diluita, su base GAAP, compresi tra 1,38 e 1,42 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 1,35 e 1,39 dollari. Staples preventiva per l’intero anno un tasso fiscale effettivo del 34%, non contando il rimborso fiscale del secondo trimestre. Per l’intero 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. Per l’intero 2011, l’azienda prevede attualmente di riacquistare circa 600 milioni di azioni del proprio capitale sociale, un’operazione che, rispetto al precedente parametro dell’azienda, rappresenta un aumento di 300 milioni di dollari fino a quota 500 milioni. 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 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 caffetterie, arredamento. Staples ha inventato il concetto di “supermarket” di forniture per ufficio nel 1986 e oggi si colloca al secondo posto nella classifica mondiale delle vendite e-commerce, con un fatturato annuo di 25 miliardi di dollari USA. Grazie a 90.000 collaboratori in tutto il mondo, Staples opera in 26 paesi tra 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 nei pressi di 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; 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) October 29, January 29, 2011 2011 ASSETS Current assets: Cash and cash equivalents $ 1,060,364 $ 1,461,257 Receivables, net 2,125,028 1,970,483 Merchandise inventories, net 2,526,976 2,359,173 Deferred income tax assets 283,294 295,232 Prepaid expenses and other current assets 338,736 382,022 Total current assets 6,334,398 6,468,167 Property and equipment: Land and buildings 1,075,719 1,064,981 Leasehold improvements 1,330,277 1,328,397 Equipment 2,398,539 2,287,505 Furniture and fixtures 1,080,540 1,032,502 Total property and equipment 5,885,075 5,713,385 Less: accumulated depreciation and amortization 3,794,385 3,565,614 Net property and equipment 2,090,690 2,147,771 Intangible assets, net of accumulated amortization 481,477 522,722 Goodwill 4,138,021 4,073,162 Other assets 570,431 699,845 Total assets $ 13,615,017 $ 13,911,667 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,337,331 $ 2,208,386 Accrued expenses and other current liabilities 1,437,944 1,497,851 Debt maturing within one year 430,184 587,356 Total current liabilities 4,205,459 4,293,593 Long-term debt 1,557,063 2,014,407 Other long-term obligations 672,498 652,486 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 918,764,252 shares at October 29, 2011 and 908,449,980 shares at January 29, 2011 551 545 Additional paid-in capital 4,480,962 4,334,735 Accumulated other comprehensive income (loss) 7,086 (96,933 ) Retained earnings 6,983,799 6,492,340 Less: Treasury stock at cost, 218,550,765 shares at October 29, 2011 and 187,536,869 shares at January 29, 2011 (4,299,473 ) (3,786,977 ) Total Staples, Inc. stockholders’ equity 7,172,925 6,943,710 Noncontrolling interests 7,072 7,471 Total stockholders’ equity 7,179,997 6,951,181 Total liabilities and stockholders’ equity $ 13,615,017 $ 13,911,667 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 29, October 30, October 29, October 30, 2011 2010 2011 2010 Sales $ 6,569,927 $ 6,537,676 $ 18,562,477 $ 18,129,711 Cost of goods sold and occupancy costs 4,737,146 4,733,928 13,552,923 13,244,200 Gross profit 1,832,781 1,803,748 5,009,554 4,885,511 Operating and other expenses: Selling, general and administrative 1,283,636 1,264,676 3,800,457 3,643,169 Amortization of intangibles 15,957 15,628 49,443 45,913 Integration and restructuring costs – 9,019 – 51,545 Total operating and other expenses 1,299,593 1,289,323 3,849,900 3,740,627 Operating income 533,188 514,425 1,159,654 1,144,884 Other (expense) income: Interest income 1,810 2,045 5,788 5,706 Interest expense (40,962 ) (52,775 ) (131,640 ) (161,418 ) Other expense (3,681 ) (1,824 ) (4,238 ) (7,059 ) Consolidated income before income taxes 490,355 461,871 1,029,564 982,113 Income tax expense 164,025 173,201 329,252 368,293 Consolidated net income 326,330 288,670 700,312 613,820 (Loss) income attributed to noncontrolling interests (50 ) (10 ) (751 ) 6,614 Net income attributed to Staples, Inc. $ 326,380 $ 288,680 $ 701,063 $ 607,206 Earnings Per Share: Basic earnings per common share $ 0.47 $ 0.40 $ 1.00 $ 0.85 Diluted earnings per common share $ 0.47 $ 0.40 $ 0.99 $ 0.83 Dividends declared per common share $ 0.10 $ 0.09 $ 0.30 $ 0.27 Weighted average shares outstanding: Basic 691,204,528 714,180,111 698,813,352 717,487,062 Diluted 698,009,429 721,832,928 708,027,885 727,905,694 STAPLES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Dollar Amounts in Thousands) (Unaudited) 39 Weeks Ended October 29, October 30, 2011 2010 Operating Activities: Consolidated net income, including (loss) income from the noncontrolling interests $ 700,312 $ 613,820 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 360,633 371,279 Stock-based compensation 117,072 109,209 Excess tax benefits from stock-based compensation arrangements (1,023 ) – Deferred income tax expense 127,328 152,505 Other 19,828 (2,725 ) Changes in assets and liabilities: Increase in receivables (118,920 ) (145,644 ) Increase in merchandise inventories (146,023 ) (134,132 ) Decrease (increase) in prepaid expenses and other assets 58,692 (17,307 ) Increase in accounts payable 103,474 151,913 Decrease in accrued expenses and other liabilities (133,249 ) (141,484 ) Increase in other long-term obligations 7,508 46,654 Net cash provided by operating activities 1,095,632 1,004,088 Investing Activities: Acquisition of property and equipment (243,740 ) (245,802 ) Acquisition of businesses, net of cash acquired – (39,065 ) Net cash used in investing activities (243,740 ) (284,867 ) Financing Activities: Proceeds from the exercise of stock options and the sale of stock under employee stock purchase plans 32,989 43,868 Proceeds from borrowings 214,669 175,035 Payments on borrowings, including payment of deferred financing fees (789,931 ) (151,068 ) Purchase of noncontrolling interest (3,591 ) (360,595 ) Cash dividends paid (209,604 ) (194,856 ) Excess tax benefits from stock-based compensation arrangements 1,023 – Purchase of treasury stock, net (512,496 ) (285,713 ) Net cash used in financing activities (1,266,941 ) (773,329 ) Effect of exchange rate changes on cash and cash equivalents 14,156 8,010 Net decrease in cash and cash equivalents (400,893 ) (46,098 ) Cash and cash equivalents at beginning of period 1,461,257 1,415,819 Cash and cash equivalents at end of period $ 1,060,364 $ 1,369,721 STAPLES, INC. AND SUBSIDIARIES Segment Reporting (Dollar Amounts in Thousands) (Unaudited) 13 Weeks Ended 39 Weeks Ended October 29, October 30, October 29, October 30, 2011 2010 2011 2010 Sales: North American Delivery $ 2,582,729 $ 2,537,094 $ 7,527,592 $ 7,359,175 North American Retail 2,656,612 2,644,347 7,029,840 6,967,106 International Operations 1,330,586 1,356,235 4,005,045 3,803,430 Total segment sales $ 6,569,927 $ 6,537,676 $ 18,562,477 $ 18,129,711 Business Unit Income: North American Delivery $ 244,997 $ 224,613 $ 646,612 $ 634,550 North American Retail 284,204 279,640 564,425 561,883 International Operations 39,589 58,771 65,689 109,205 Business unit income 568,790 563,024 1,276,726 1,305,638 Stock-based compensation (35,602 ) (39,580 ) (117,072 ) (109,209 ) Interest and other expense, net (42,833 ) (52,554 ) (130,090 ) (162,771 ) Integration and restructuring costs – (9,019 ) – (51,545 ) Consolidated income before income taxes $ 490,355 $ 461,871 $ 1,029,564 $ 982,113 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Income Statement Disclosures (Dollar Amounts in Thousands) (Unaudited) 13 Weeks Ended October 29, 2011 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income tax expense Net incomeattributed toStaples, Inc. GAAP, as reported and adjusted $ 1,299,593 $ 533,188 $ 490,355 $ 164,025 $ 326,380 13 Weeks Ended October 30, 2010 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income tax expense Net incomeattributed toStaples, Inc. GAAP, as reported $ 1,289,323 $ 514,425 $ 461,871 $ 173,201 $ 288,680 Integration and restructuring costs (9,019 ) 9,019 9,019 3,382 5,637 Non-GAAP, as adjusted $ 1,280,304 $ 523,444 $ 470,890 $ 176,583 $ 294,317 39 Weeks Ended October 29, 2011 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income tax expense Net incomeattributed toStaples, Inc. GAAP, as reported $ 3,849,900 $ 1,159,654 $ 1,029,564 $ 329,252 $ 701,063 Tax refund – – – 20,800 (20,800 ) Non-GAAP, as adjusted $ 3,849,900 $ 1,159,654 $ 1,029,564 $ 350,052 $ 680,263 39 Weeks Ended October 30, 2010 Operatingexpenses Operating income Consolidatedincome beforeincome taxes Income tax expense Net incomeattributed toStaples, Inc. GAAP, as reported $ 3,740,627 $ 1,144,884 $ 982,113 $ 368,293 $ 607,206 Integration and restructuring costs (51,545 ) 51,545 51,545 19,329 32,216 Non-GAAP, as adjusted $ 3,689,082 $ 1,196,429 $ 1,033,658 $ 387,622 $ 639,422 STAPLES, INC. AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Sales Growth (Unaudited) 13 Weeks Ended October 29, 2011 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on a Local Currency Basis Sales: North American Delivery 1.8 % (0.2 %) 1.6 % North American Retail 0.5 % (0.8 %) (0.3 )% International Operations (1.9 )% (5.1 %) (7.0 )% Total sales 0.5 % (1.5 %) (1.0 )% 39 Weeks Ended October 29, 2011 Sales GrowthGAAP Impact of LocalCurrency Sales Growth on a Local Currency Basis Sales: North American Delivery 2.3 % (0.4 )% 1.9 % North American Retail 0.9 % (1.1 )% (0.2 )% International Operations 5.3 % (8.5 )% (3.2 )% Total sales 2.4 % (2.4 )% 0.0 % 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) 39 Weeks Ended October 29, 2011 October 30, 2010 Net cash provided by operating activities $ 1,095,632 $ 1,004,088 Acquisition of property and equipment (243,740 ) (245,802 ) Free cash flow $ 851,892 $ 758,286 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:Chris Powers/Kevin Barry508-253-4632/1487
