Staples, Inc. publica sus resultados del segundo trimestre de 2012

Staples, Inc. (Nasdaq: SPLS) ha hecho públicos hoy sus resultados del segundo trimestre, cerrado el 28 de julio de 2012. Las ventas totales de la empresa en el segundo trimestre de 2012 han sido de 5.500 millones de dólares estadounidenses, lo que representa una disminución del 6 por ciento en dólares y del 3 por ciento en moneda local en comparación con el mismo periodo de 2011. Las ganancias diluidas por acción, según los PCGA (principios de contabilidad generalmente aceptados), han disminuido un 28 por ciento hasta 0,18 dólares estadounidenses, desde los 0,25 dólares alcanzados en el segundo trimestre de 2011.

Durante el segundo trimestre de 2011, la empresa recibió una devolución de impuestos de 21 millones de dólares estadounidenses en efectivo. Sin contar el efecto positivo de dicha devolución de impuestos, las ganancias diluidas por acción han disminuido un 18 por ciento en comparación con las ganancias diluidas ajustadas por acción de 0,22 dólares registradas en el año anterior.

"Los resultados del segundo trimestre no han cumplido nuestras expectativas debido a que, en Norteamérica, la tendencia de las ventas ha sido menor de lo esperado y, en Europa y Australia, continúa la debilidad", explica Ron Sargent, presidente y director ejecutivo de Staples. "Aunque seguimos impulsando otras categorías aparte de los artículos de oficina, estas mejoras no han logrado compensar los bajos resultados en los ordenadores y los artículos básicos para oficina durante el segundo trimestre."

La tasa de ingresos operativos del segundo trimestre de 2012 ha disminuido 78 puntos básicos hasta un 4 por ciento. Las principales causas de esta disminución han sido el desapalancamiento de los gastos fijos y la caída de los márgenes de los productos, que se han compensado por la reducción en los gastos de marketing.

Este año hasta la fecha, la empresa ha generado un flujo de efectivo operativo de 257 millones de dólares y ha invertido 126 millones de dólares en gastos de capital, lo que ha dado lugar a un flujo de fondos disponibles de 131 millones para el primer semestre de 2012. La empresa ha recuperado 12,1 millones de acciones por 159 millones de dólares durante el segundo trimestre de 2012. Al término del segundo trimestre, la empresa presenta una liquidez de 2.100 millones de dólares, incluidos 1.000 millones en dinero y cuasidinero.

North American Delivery

En el segundo trimestre de 2012, North American Delivery ha registrado unas ventas de 2.400 millones de dólares, lo que representa una disminución del 1 por ciento en dólares estadounidenses pero el mismo nivel en moneda local en comparación con el segundo trimestre de 2011. Este resultado se debe, sobre todo, a la ya anunciada pérdida de dos grandes clientes de contrato durante el tercer trimestre de 2011, que se ha compensado por el crecimiento de las ventas de suministros para instalaciones y salas de descanso y de los productos promocionales. La tasa de ingresos operativos ha disminuido 72 puntos básicos, hasta el 7,70 por ciento, en comparación con el resultado del segundo trimestre de 2011. La disminución refleja la caída de los márgenes de los productos y las inversiones destinadas a favorecer el crecimiento de Staples.com, que se ha compensado en parte con la reducción en los gastos de marketing.

North American Retail

Las ventas de North American Retail de 2.000 millones de dólares han supuesto un retroceso del 3 por ciento en comparación con el segundo trimestre de 2011. La cifra de ventas comparables en tiendas del segundo trimestre de 2012 ha disminuido un 2 por ciento por la disminución del 2 por ciento en el tráfico y la ausencia de variaciones en el valor medio de los pedidos con respecto al año anterior. La reducción en las ventas de ordenadores, software y accesorios informáticos se ha compensado hasta cierto punto con el aumento experimentado por las áreas de copia e impresión, los teléfonos móviles y sus accesorios así como los suministros para instalaciones y salas de descanso. La tasa de ingresos operativos ha disminuido 59 puntos básicos, hasta el 4,44 por ciento, en comparación con el resultado del segundo trimestre de 2011. Este resultado se debe, sobre todo, al desapalancamiento de los gastos fijos, que se ha compensado hasta cierto punto con el aumento en los márgenes de los productos y la reducción en los gastos de marketing. Durante el segundo trimestre, la empresa ha abierto 4 tiendas y ha cerrado 5 en Estados Unidos de Norteamérica y ha abierto 2 tiendas en Canadá, con lo que, al término del segundo trimestre de 2012, cuenta con 1.915 tiendas en estos países.

Operaciones internacionales

En el segundo trimestre, las ventas en operaciones internacionales han ascendido a 1.100 millones de dólares, lo que representa una disminución del 18 por ciento en dólares estadounidenses y del 10 por ciento en moneda local en comparación con el mismo periodo de 2011. Estos resultados se deben a la débil cifra de ventas en Europa y Australia. La debilidad económica ha sido la causa del descenso en el negocio de venta a distancia de la empresa en Europa así como de la caída del 9 por ciento de las ventas comparables en tiendas de Europa. En comparación con el resultado del segundo trimestre de 2011, la tasa de ingresos operativos ha disminuido 325 puntos básicos hasta una pérdida operativa del 2,01 por ciento. Este resultado se debe, sobre todo, al desapalancamiento de los gastos fijos tanto en Europa como en Australia y a la disminución de los márgenes de los productos en Europa. Durante el segundo trimestre, la empresa ha cerrado 1 tienda, con lo que, al término del segundo trimestre de 2012, cuenta con 375 tiendas en el ámbito de las operaciones internacionales.

Previsiones

Los resultados empresariales del segundo trimestre han sido peores de lo previsto. En consecuencia, la empresa ha reajustado a la baja sus pronósticos de ventas y beneficios. Según las actuales previsiones para 2012, se espera un lento crecimiento de la economía estadounidense y que continúe la escasa demanda en Europa. "Estamos revisando a fondo cada una de nuestras actividades porque pretendemos aplicar cambios significativos que mejoren los resultados", afirma Sargent. "También estamos trazando un plan para reasignar recursos, aprovechar nuestras mejores oportunidades de crecimiento y aumentar el ahorro de costes."

Incluyendo los efectos de la 53.ª semana del año fiscal 2012 y los efectos negativos de los tipos de cambio, la empresa prevé que las ventas totales del año no varíen en comparación con el año anterior y que las ganancias diluidas por acción de todo el año aumenten entre un 1 y un 3 por ciento con respecto a las ganancias diluidas ajustadas por acción de 1,37 dólares conseguidas en 2011. La empresa prevé que su tasa real de impuestos en todo el año sea del 32,5 por ciento y espera generar más de 1.000 millones de flujo de fondos disponibles en 2012.

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.

Comunicación colectiva en el día de hoy

La empresa realizará una comunicación colectiva hoy a las 8:00 h de la mañana (hora europea) para analizar estos resultados y previsiones. Los inversores están invitados a escuchar la comunicación en http://investor.staples.com.

Acerca de Staples

Staples es la mayor empresa de artículos de oficina del mundo y un proveedor de confianza de soluciones para oficina. La empresa suministra productos, servicios y conocimientos expertos en las áreas de suministros de oficina, copia e impresión, tecnología, instalaciones y salas de descanso, y mobiliario. Staples concibió la idea de supertienda de oficina en 1986 y en la actualidad registra unas ventas anuales de 25.000 millones de dólares y es la segunda empresa del mundo en ventas mediante comercio electrónico. Con 88.000 asociados en todo el mundo, Staples desarrolla su actividad en 26 países de América, Europa, Asia y Australia y allana el camino a empresas de todos los tamaños y a los consumidores. Tiene su sede principal en las afueras de Boston. Si desea más información sobre Staples (Nasdaq: SPLS), visite 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.

Más información financiera.



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.

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