Staples, Inc. (Nasdaq: SPLS) ha hecho públicos hoy sus resultados del tercer trimestre, cerrado el 27 de octubre de 2012. Las ventas totales de la empresa en el tercer trimestre de 2012 han sido de 6.400 millones de dólares estadounidenses, lo que representa una disminución del 2 por ciento en dólares y del 1 por ciento en moneda local en comparación con el mismo periodo de 2011. Como consecuencia de los gastos ya anunciados, la empresa ha comunicado, según los PCGA (principios de contabilidad generalmente aceptados), una pérdida neta de 569 millones de dólares (o 0,85 dólares por acción) derivada de la actividad continuada atribuible a Staples, Inc. en comparación con los ingresos netos de 324 millones de dólares (o 0,46 dólares por acción diluida) alcanzados en el tercer trimestre de 2011. Si se excluye el deterioro del fondo de comercio y de otros activos así como la reestructuración, la amortización acelerada y los impuestos relacionados pagaderos en el tercer trimestre de 2012, la empresa ha anunciado unos ingresos netos (no computados según GAAP) de 310 millones de dólares (o 0,46 dólares por acción diluida) derivados de la actividad continuada atribuible a Staples, Inc.
Resumen financiero del tercer trimestre de 2012
| (dollar amounts in millions, except per share data) | Q3 2012 | Q3 2011 | Year over Year | |||
| Total company sales | $6,353 | $6,481 | -2.0% | |||
| Total company sales growth on a local currency basis* | -1.4% | |||||
| GAAP operating (loss) income | ($357) | $529 | ($886) | |||
| Non-GAAP operating income* | $500 | $529 | ($29) | |||
| GAAP operating (loss) income rate | (5.62%) | 8.17% | (1,379 basis points) | |||
| Non-GAAP operating income rate* | 7.87% | 8.17% | (30 basis points) | |||
| GAAP (loss) income per share from continuing operations attributable to Staples, Inc. | ($0.85) | $0.46 | ($1.31) | |||
| Non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc.* | $0.46 | $0.46 | $0.00 |
*Indicates a non-GAAP measure. Refer to "Presentation of Non-GAAP Information" and the accompanying reconciliations for more detailed information about these non-GAAP measures. Non-GAAP operating income, non-GAAP operating income rate, and non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc. exclude the impact of Q3 2012 charges related to the impairment of goodwill and other assets, restructuring charges and accelerated tradename amortization. Non-GAAP earnings per diluted share from continuing operations attributable to Staples, Inc. also excludes Q3 2012 tax charges. In total, these charges negatively impacted Q3 2012 GAAP earnings per share from continuing operations attributable to Staples, Inc. by $1.31.
"Durante el tercer trimestre, hemos puesto en marcha un nuevo plan estratégico destinado a convertirnos en el máximo exponente en productos empresariales, hemos reestructurado nuestra organización y hemos conseguido unos notables beneficios a pesar de los gastos", explica Ron Sargent, presidente y director ejecutivo de Staples. "Ahora, ocupamos una posición mucho más privilegiada para hacer realidad las mejores oportunidades de crecimiento".
La tasa total de la empresa de ingresos operativos (no computada según GAAP) ha caído 30 puntos básicos hasta un 7,87 por ciento desde la tasa de ingresos operativos del 8,17 por ciento lograda en el tercer trimestre de 2011. Esta disminución refleja, sobre todo, la caída de los márgenes de los productos en North American Delivery e International y las inversiones destinadas a favorecer el crecimiento de Staples.com. La caída se ha compensado, en parte, con la reducción en los gastos de retribución y marketing.
Este año hasta la fecha, la empresa ha generado un flujo de efectivo operativo de 895 millones de dólares y ha invertido 204 millones de dólares en gastos de capital, lo que ha dado lugar a un flujo de fondos disponibles de 691 millones para dicho periodo. La empresa ha recuperado 9,4 millones de sus acciones por 111 millones de dólares durante el tercer trimestre de 2012 y, en lo que va de año, ha recuperado 27,4 millones de acciones por 362 millones de dólares. Además, la empresa ha liquidado una obligación de 325 millones de dólares que vencía el 1 de octubre de 2012. Al término del tercer trimestre, la empresa presenta una liquidez de 2.200 millones de dólares, incluidos 1.000 millones en dinero y cuasidinero.
North American Delivery
En el tercer trimestre de 2012, North American Delivery ha registrado unas ventas de 2.600 millones de dólares, lo que representa un aumento del 1 por ciento en comparación con el mismo periodo del año anterior. Este resultado se debe, sobre todo, al crecimiento tanto de los suministros para instalaciones y salas de descanso como de los servicios de copia e impresión, compensado, en parte, con la ya anunciada pérdida de dos grandes clientes de contrato durante el tercer trimestre de 2011. La tasa de ingresos operativos ha disminuido 76 puntos básicos, hasta el 8,73 por ciento, en comparación con el resultado del tercer 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
Con 2.600 millones de dólares, la cifra de ventas de North American Retail se ha mantenido al mismo nivel que la del tercer trimestre de 2011. La cifra de ventas comparables en tiendas del tercer trimestre de 2012 ha disminuido un 1 por ciento por la disminución del 2 por ciento en el tráfico y el aumento del 1 por ciento en el valor medio de los pedidos con respecto al año anterior. La reducción en las ventas de ordenadores y software se ha compensado hasta cierto punto con el aumento experimentado en los servicios de copia e impresión y los artículos básicos para oficina. La tasa de ingresos operativos ha aumentado 9 puntos básicos, hasta el 10,79 por ciento, en comparación con el resultado del tercer trimestre de 2011. Este resultado, debido, sobre todo, a la reducción en los gastos de funcionamiento y a la mejora en la eficiencia de la distribución, se ha compensado hasta cierto punto por las inversiones en actividades promocionales.
Operaciones internacionales
En el tercer trimestre, las ventas en operaciones internacionales han ascendido a 1.100 millones de dólares, lo que representa una disminución del 12 por ciento en dólares estadounidenses y del 8 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 6 por ciento de las ventas comparables en tiendas de Europa. La tasa de ingresos operativos ha disminuido 302 puntos básicos, hasta una pérdida operativa del 0,15 por ciento, en comparación con el resultado del tercer trimestre de 2011. Si se excluyen los 16 millones de dólares de la amortización acelerada del nombre comercial australiano durante el tercer trimestre, la tasa de ingresos operativos ha disminuido 160 puntos básicos, hasta el 1,27 por ciento, en comparación con el año anterior. 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, compensado, en parte, por el ahorro relacionado con la reducción de personal en Europa y en Australia.
Cese de actividad
Durante el tercer trimestre de 2012, la empresa ha registrado una pérdida neta por el cese de actividad de European Printing Systems que asciende a 28 millones de dólares estadounidenses, lo cual incluye 23 millones en gastos relacionados con la reestructuración y el aumento de la carga fiscal. Este resultado contrasta con los 3 millones de ingresos netos derivados del cese de actividad logrados en el tercer trimestre de 2011.
Previsiones
En las perspectivas financieras de la empresa, se han tenido en cuenta tanto los efectos de la 53.ª semana del ejercicio 2012 como los efectos de los tipos de cambio de divisas. La empresa no prevé que las ventas totales del año varíen con respecto al año anterior. La empresa prevé un aumento de entre el 1 y el 3 por ciento de las ganancias diluidas por acción totales del año derivadas de la actividad continuada (no computadas según GAAP) con respecto a las ganancias diluidas por acción derivadas de la actividad continuada (no computadas según GAAP) obtenidas en 2011, que ascendieron a 1,37 dólares. En el cálculo de las ganancias diluidas por acción totales del año (no computadas según GAAP) de la empresa, se excluyen los gastos pagaderos durante el tercer trimestre de 2012 además del ya anunciado gasto bruto aproximado de entre 160 y 200 millones de dólares, el cual está relacionado con la reestructuración en Europa, el cierre de tiendas en EE. UU. y la amortización acelerada del nombre comercial australiano, que la empresa pretende contabilizar durante el cuarto trimestre de 2012.
La empresa espera generar más de 1.000 millones de dólares de flujo de efectivo y tiene intención de seguir recuperando acciones ordinarias mediante compras realizadas en el libre mercado hasta un total aproximado de 450 millones a lo largo del año 2012.
Presentation of Non-GAAP Information
This press release presents certain results with and without the impact of charges incurred during the third quarter of 2012 related to the impairment of goodwill and other assets, restructuring charges, accelerated tradename amortization, and the establishment of valuation allowances, net of tax benefits. This press release also presents certain results for 2011 and 2012 both with and without the impact of fluctuations in foreign currency exchange rates, and the impact of a 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 in the accompanying tables of financial information. Management believes that the non-GAAP financial measures enable management and investors to understand and analyze the company´s performance by providing meaningful information relevant to certain events and foreign currency fluctuations that impact the comparability of underlying business results from period to period. Management has adjusted for impairment of goodwill and other assets, which relates to the company´s European retail and catalog businesses, and accelerated tradename amortization, which relates to rebranding of the company´s Australian business, because such charges are non-cash and because the timing and amount of such charges are inconsistent and cannot be predicted or planned for. Management has adjusted for restructuring charges, which relate to severance and other costs associated with European restructuring and the planned closure of retail stores in the U.S., and the establishment of valuation allowances, which relates to previously recorded deferred tax assets in the company´s European retail and catalog businesses, because the exclusion of such amounts facilitates the comparison of the company´s financial results to its historical operating results. 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.
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; we face uncertainties in connection with the implementation of our strategies to transform our business; we have recognized substantial goodwill impairment charges in the current period and may be required to recognize additional goodwill impairment charges in the future; 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 international operations expose us to risks inherent in foreign operations; failure to manage growth and 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; our indebtedness could adversely affect us by reducing our flexibility to respond to changing business and economic conditions; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property liability, product liability, import/export liability, government investigations and claims, and other risks associated with global sourcing; 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) | ||||||||
| October 27, 2012 | January 28, 2012 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,020,043 | $ | 1,264,149 | ||||
| Receivables, net | 1,892,390 | 2,033,680 | ||||||
| Merchandise inventories, net | 2,417,366 | 2,431,845 | ||||||
| Deferred income tax assets | 281,481 | 305,611 | ||||||
| Prepaid expenses and other current assets | 286,119 | 255,535 | ||||||
| Current assets of discontinued operations | 185,949 | "” | ||||||
| Total current assets | 6,083,348 | 6,290,820 | ||||||
| Property and equipment: | ||||||||
| Land and buildings | 1,009,754 | 1,034,983 | ||||||
| Leasehold improvements | 1,332,450 | 1,330,373 | ||||||
| Equipment | 2,526,041 | 2,462,351 | ||||||
| Furniture and fixtures | 1,100,325 | 1,084,358 | ||||||
| Total property and equipment | 5,968,570 | 5,912,065 | ||||||
| Less: Accumulated depreciation | 4,052,158 | 3,831,704 | ||||||
| Net property and equipment | 1,916,412 | 2,080,361 | ||||||
| Intangible assets, net of accumulated amortization | 395,504 | 449,781 | ||||||
| Goodwill | 3,169,260 | 3,982,130 | ||||||
| Other assets | 587,461 | 627,530 | ||||||
| Total assets | $ | 12,151,985 | $ | 13,430,622 | ||||
| LIABILITIES AND STOCKHOLDERS´ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,170,422 | $ | 2,220,414 | ||||
| Accrued expenses and other current liabilities | 1,326,441 | 1,414,721 | ||||||
| Debt maturing within one year | 119,046 | 439,143 | ||||||
| Current liabilities of discontinued operations | 143,911 | "” | ||||||
| Total current liabilities | 3,759,820 | 4,074,278 | ||||||
| Long-term debt | 1,541,786 | 1,599,037 | ||||||
| Other long-term obligations | 671,650 | 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 929,838,181 and 674,178,263 shares at October 27, 2012 and 922,126,579 shares and 695,743,547 shares at January 28, 2012, respectfully | 558 | 553 | ||||||
| Additional paid-in capital | 4,661,932 | 4,551,299 | ||||||
| Accumulated other comprehensive loss | (380,313 | ) | (319,743 | ) | ||||
| Retained earnings | 6,688,614 | 7,199,060 | ||||||
| Less: Treasury stock at cost, 255,659,918 shares at October 27, 2012 and 226,383,032 shares at January 28, 2012 | (4,799,238 | ) | (4,416,018 | ) | ||||
| Total Staples, Inc. stockholders´ equity | 6,171,553 | 7,015,151 | ||||||
| Noncontrolling interests | 7,176 | 7,062 | ||||||
| Total stockholders´ equity | 6,178,729 | 7,022,213 | ||||||
| Total liabilities and stockholders´ equity | $ | 12,151,985 | $ | 13,430,622 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||
| (Amounts in Thousands, Except Per Share Data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
| October 27, | October 29, | October 27, | October 29, | |||||||||||||
| Sales | $ | 6,353,140 | $ | 6,481,023 | $ | 17,812,530 | $ | 18,290,446 | ||||||||
| Cost of goods sold and occupancy costs | 4,601,286 | 4,660,041 | 13,040,678 | 13,319,460 | ||||||||||||
| Gross profit | 1,751,854 | 1,820,982 | 4,771,852 | 4,970,986 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 1,237,196 | 1,275,785 | 3,673,598 | 3,756,593 | ||||||||||||
| Impairment of goodwill and long-lived assets | 810,996 | "” | 810,996 | "” | ||||||||||||
| Restructuring charges | 30,396 | "” | 30,396 | "” | ||||||||||||
| Amortization of intangibles | 30,413 | 15,957 | 60,466 | 49,443 | ||||||||||||
| Total operating expenses | 2,109,001 | 1,291,742 | 4,575,456 | 3,806,036 | ||||||||||||
| Operating (loss) income | (357,147 | ) | 529,240 | 196,396 | 1,164,950 | |||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest income | 1,249 | 1,774 | 4,251 | 5,662 | ||||||||||||
| Interest expense | (40,343 | ) | (40,906 | ) | (124,195 | ) | (131,422 | ) | ||||||||
| Other expense | (1,788 | ) | (3,676 | ) | (3,469 | ) | (4,228 | ) | ||||||||
| (Loss) income from continuing operations before income taxes | (398,029 | ) | 486,432 | 72,983 | 1,034,962 | |||||||||||
| Income tax expense | 170,703 | 162,712 | 323,780 | 331,155 | ||||||||||||
| (Loss) income from continuing operations, including the portion attributable to the noncontrolling interests | (568,732 | ) | 323,720 | (250,797 | ) | 703,807 | ||||||||||
| Discontinued Operations: | ||||||||||||||||
| (Loss) income from discontinued operations, net of income taxes | (27,559 | ) | 2,610 | (38,084 | ) | (3,495 | ) | |||||||||
| Consolidated net (loss) income | (596,291 | ) | 326,330 | (288,881 | ) | 700,312 | ||||||||||
| Loss attributed to the noncontrolling interests | (39 | ) | (50 | ) | (119 | ) | (751 | ) | ||||||||
| (Loss) income attributed to Staples, Inc. | $ | (596,252 | ) | $ | 326,380 | $ | (288,762 | ) | $ | 701,063 | ||||||
| Amounts attributable to Staples, Inc. | ||||||||||||||||
| (Loss) income from continuing operations | $ | (568,693 | ) | $ | 323,770 | $ | (250,678 | ) | $ | 704,558 | ||||||
| (Loss) income from discontinued operations | (27,559 | ) | 2,610 | (38,084 | ) | (3,495 | ) | |||||||||
| (Loss) income attributed to Staples, Inc. | $ | (596,252 | ) | $ | 326,380 | $ | (288,762 | ) | $ | 701,063 | ||||||
| Basic Earnings Per Common Share: | ||||||||||||||||
| Continuing operations attributed to Staples, Inc. | $ | (0.85 | ) | $ | 0.47 | $ | (0.37 | ) | $ | 1.01 | ||||||
| Discontinued operations attributed to Staples, Inc. | (0.04 | ) | "” | (0.06 | ) | (0.01 | ) | |||||||||
| Net (loss) income attributed to Staples, Inc. | $ | (0.89 | ) | $ | 0.47 | $ | (0.43 | ) | $ | 1.00 | ||||||
| Diluted Earnings Per Common Share: | ||||||||||||||||
| Continuing operations attributed to Staples, Inc. | $ | (0.85 | ) | $ | 0.46 | $ | (0.37 | ) | $ | 1.00 | ||||||
| Discontinued operations attributed to Staples, Inc. | (0.04 | ) | 0.01 | (0.06 | ) | (0.01 | ) | |||||||||
| Net (loss) income attributed to Staples, Inc. | $ | (0.89 | ) | $ | 0.47 | $ | (0.43 | ) | $ | 0.99 | ||||||
| Dividends declared per common share | $ | 0.11 | $ | 0.10 | $ | 0.33 | $ | 0.30 | ||||||||
| Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
| October 27, | October 29, | October 27, | October 29, | |||||||||||||
| Comprehensive (loss) income from continuing operations | $ | (437,206 | ) | $ | 241,953 | $ | (310,544 | ) | $ | 804,720 | ||||||
| Comprehensive (loss) income from discontinued operations | (24,438 | ) | 1,553 | (38,674 | ) | (37 | ) | |||||||||
| Comprehensive (loss) income from consolidated operations | $ | (461,644 | ) | $ | 243,506 | $ | (349,218 | ) | $ | 804,683 | ||||||
| Comprehensive income (loss) attributed to noncontrolling interests | 128 | 96 | 114 | (399 | ) | |||||||||||
| Comprehensive (loss) income attributed to Staples, Inc. | $ | (461,772 | ) | $ | 243,410 | $ | (349,332 | ) | $ | 805,082 | ||||||
| Weighted Average Shares Outstanding: | ||||||||||||||||
| Basis | $ | 666,989 | $ | 691,205 | $ | 673,366 | $ | 698,813 | ||||||||
| Diluted | $ | 666,989 | $ | 698,009 | $ | 673,366 | $ | 708,028 | ||||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 39 Weeks Ended | ||||||||
| October 27, | October 29, | |||||||
| Operating Activities: | ||||||||
| Consolidated net (loss) income, including loss from the noncontrolling interests | $ | (288,881 | ) | $ | 700,312 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation | 301,840 | 311,190 | ||||||
| Amortization of intangible assets | 60,466 | 49,443 | ||||||
| Impairment of goodwill and long-lived assets | 810,996 | "” | ||||||
| Stock-based compensation | 90,406 | 117,072 | ||||||
| Excess tax benefits from stock-based compensation arrangements | (179 | ) | (1,023 | ) | ||||
| Deferred income tax expense | 68,915 | 127,328 | ||||||
| Other | (932 | ) | 19,828 | |||||
| Changes in assets and liabilities: | ||||||||
| Decrease (increase) in receivables | 10,622 | (118,920 | ) | |||||
| Increase in merchandise inventories | (40,094 | ) | (146,023 | ) | ||||
| (Increase) decrease in prepaid expenses and other assets | (65,109 | ) | 58,692 | |||||
| Increase in accounts payable | 31,188 | 103,474 | ||||||
| Decrease in accrued expenses and other liabilities | (40,855 | ) | (133,249 | ) | ||||
| (Decrease) increase in other long-term obligations | (42,997 | ) | 7,508 | |||||
| Net cash provided by operating activities | 895,386 | 1,095,632 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (204,163 | ) | (243,740 | ) | ||||
| Proceeds from the sale of property and equipment | 9,500 | "” | ||||||
| Acquisition of businesses, net of cash acquired | (1,941 | ) | "” | |||||
| Net cash used in investing activities | (196,604 | ) | (243,740 | ) | ||||
| Financing Activities: | ||||||||
| Proceeds from the exercise of stock options | 26,039 | 32,989 | ||||||
| Proceeds from borrowings | 70,031 | 214,669 | ||||||
| Payments on borrowings | (423,303 | ) | (789,931 | ) | ||||
| Purchase of noncontrolling interest | (5,651 | ) | (3,591 | ) | ||||
| Cash dividends paid | (221,682 | ) | (209,604 | ) | ||||
| Excess tax benefits from stock-based compensation arrangements | 179 | 1,023 | ||||||
| Purchase of treasury stock, net | (383,220 | ) | (512,496 | ) | ||||
| Net cash used in financing activities | (937,607 | ) | (1,266,941 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (4,640 | ) | 14,156 | |||||
| Net decrease in cash and cash equivalents | (243,465 | ) | (400,893 | ) | ||||
| Cash and cash equivalents at beginning of period | 1,264,149 | 1,461,257 | ||||||
| Cash and cash equivalents at end of period | $ | 1,020,684 | $ | 1,060,364 | ||||
| Less: Cash and cash equivalents attributed to discontinued operations | (641 | ) | "” | |||||
| Cash and cash equivalents at the end of the period attributed to continuing operations | $ | 1,020,043 | $ | 1,060,364 | ||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Segment Reporting | ||||||||||||||||
| (Dollar Amounts in Thousands) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| 13 Weeks Ended | 39 Weeks Ended | |||||||||||||||
| October 27, 2012 | October 29, 2011 | October 27, 2012 | October 29, 2011 | |||||||||||||
| Sales | ||||||||||||||||
| North American Delivery | $ | 2,609,034 | $ | 2,582,729 | $ | 7,576,860 | $ | 7,527,592 | ||||||||
| North American Retail | 2,646,554 | 2,656,612 | 6,959,524 | 7,029,840 | ||||||||||||
| International Operations | 1,097,552 | 1,241,682 | 3,276,146 | 3,733,014 | ||||||||||||
| Total segment sales | $ | 6,353,140 | $ | 6,481,023 | $ | 17,812,530 | $ | 18,290,446 | ||||||||
| Business Unit Income (Loss) | ||||||||||||||||
| North American Delivery | $ | 227,736 | $ | 244,997 | $ | 614,462 | $ | 646,612 | ||||||||
| North American Retail | 285,477 | 284,204 | 540,846 | 564,425 | ||||||||||||
| International Operations | (1,692 | ) | 35,641 | (27,114 | ) | 70,985 | ||||||||||
| Business unit income | 511,521 | 564,842 | 1,128,194 | 1,282,022 | ||||||||||||
| Stock-based compensation | (27,276 | ) | (35,602 | ) | (90,406 | ) | (117,072 | ) | ||||||||
| Impairment of goodwill and long-lived assets | (810,996 | ) | "” | (810,996 | ) | "” | ||||||||||
| Restructuring charges | (30,396 | ) | "” | (30,396 | ) | "” | ||||||||||
| Interest and other expense, net | (40,882 | ) | (42,808 | ) | (123,413 | ) | (129,988 | ) | ||||||||
| (Loss) income from continuing operations before income taxes | $ | (398,029 | ) | $ | 486,432 | $ | 72,983 | $ | 1,034,962 | |||||||
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Income Statement Disclosures | ||||||||||||||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 13 Weeks Ended | ||||||||||||||||||||
| October 27, 2012 | ||||||||||||||||||||
| Adjustments | ||||||||||||||||||||
| As Reported | Impairment of | Restructuring | Accelerated | Non-GAAP | ||||||||||||||||
| Operating (loss) income | $ | (357,147 | ) | $ | 810,996 | $ | 30,396 | $ | 15,599 | $ | 499,844 | |||||||||
| Interest and other expense, net | (40,882 | ) | (40,882 | ) | ||||||||||||||||
| (Loss) income from continuing operations before income taxes | $ | (398,029 | ) | $ | 458,962 | |||||||||||||||
| Income tax expense | $ | 170,703 | $ | 170,703 | ||||||||||||||||
| Adjustments (4) | "” | (21,541 | ) | |||||||||||||||||
| Adjusted income tax | $ | 170,703 | $ | 149,162 | ||||||||||||||||
| (Loss) income from continuing operations | $ | (568,732 | ) | $ | 309,800 | |||||||||||||||
| Loss attributed to the noncontrolling interests | (39 | ) | (39 | ) | ||||||||||||||||
| (Loss) income from continuing operations attributed to Staples, Inc. | $ | (568,693 | ) | $ | 309,839 | |||||||||||||||
| Effective Tax Rate | (42.9 | )% | 32.5 | % | ||||||||||||||||
| Per share (loss) income from continuing operations attributed to Staples, Inc: | ||||||||||||||||||||
| Basic and diluted earnings per common share | $ | (0.85 | ) | $ | 0.46 | |||||||||||||||
| Weighted average common shares outstanding | 666,989 | 666,989 | ||||||||||||||||||
| Effect of dilutive securities | "” | 4,354 | ||||||||||||||||||
| Weighted average common shares outstanding assuming dilution | 666,989 | 671,343 |
(1) Consists of goodwill impairment charges of $468.1 million and $303.3 million related to the Company´s Europe Catalog and Europe Retail reporting units, respectively, and $39.5 million for the write-down of fixed assets primarily related to the planned closure and consolidation of certain operations.
(2) Restructuring charges include $19.2 million for severance and benefits and $11.2 million of other associated costs related to the planned closure of 46 retail stores and the consolidation of certain sub-scale delivery businesses in Europe.
(3) Relates to a strategic decision to transition from using the legacy Corporate Express tradename in the Company´s Australian business to the exclusive use of the Staples tradename.
(4) The $21.5 million adjustment to income tax expense in 2012 relates to the establishment of valuation allowances for previously recorded deferred tax assets as a result of the planned closure and consolidation of certain operations in the Company´s Europe Retail and Europe Catalog reporting units, net of tax benefits related to the impairment and restructuring charges and accelerated tradename amortization.
| STAPLES, INC. AND SUBSIDIARIES | ||||||||||||
| Reconciliation of GAAP to Non-GAAP Income Statement Disclosures | ||||||||||||
| (Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||
| (Unaudited) | ||||||||||||
| 52 Weeks Ended | ||||||||||||
| January 28, 2012 | ||||||||||||
| As revised to present | Adjustments | Non-GAAP | ||||||||||
| Income from continuing operations before income taxes | $ | 1,464,644 | $ | "” | $ | 1,464,644 | ||||||
| Income tax expense | 477,247 | 20,800 | 498,047 | |||||||||
| Income (loss) from continuing operations, including the portion attributable to the noncontrolling interests | 987,397 | (20,800 | ) | 966,597 | ||||||||
| Discontinued Operations: | "” | |||||||||||
| Loss from discontinued operations, net of tax benefit | (3,564 | ) | "” | (3,564 | ) | |||||||
| Consolidated net income (loss) | 983,833 | (20,800 | ) | 963,033 | ||||||||
| Loss attributed to the noncontrolling interests | (823 | ) | "” | (823 | ) | |||||||
| Net income (loss) attributed to Staples, Inc. | $ | 984,656 | $ | (20,800 | ) | $ | 963,856 | |||||
| Amounts attributable to Staples, Inc. | ||||||||||||
| Income (loss) from continuing operations | $ | 988,220 | $ | (20,800 | ) | $ | 967,420 | |||||
| Loss from discontinued operations | (3,564 | ) | (3,564 | ) | ||||||||
| Net income (loss) attributed to Staples, Inc. | $ | 984,656 | $ | (20,800 | ) | $ | 963,856 | |||||
| Diluted Earnings Per Common Share: | ||||||||||||
| Continuing operations attributed to Staples, Inc. | $ | 1.40 | $ | (0.03 | ) | $ | 1.37 | |||||
| Discontinued operations attributed to Staples, Inc. | "” | "” | "” | |||||||||
| Net (loss) income attributed to Staples, Inc. | $ | 1.40 | $ | (0.03 | ) | $ | 1.37 | |||||
| Number of shares used in computing earnings per share | 704,019 | |||||||||||
| STAPLES, INC. AND SUBSIDIARIES | |||||||||
| Reconciliation of GAAP to Non-GAAP Sales Growth | |||||||||
| (Dollar Amounts in Thousands) | |||||||||
| (Unaudited) | |||||||||
| 13 Weeks Ended October 27, 2012 | |||||||||
| Sales Growth GAAP | Impact of Local | Sales Growth on a | |||||||
| Sales: | |||||||||
| North American Delivery | 1.0 | % | (0.1 | )% | 0.9 | % | |||
| North American Retail | (0.4 | )% | (0.3 | )% | (0.7 | )% | |||
| International Operations | (11.6 | )% | 4.0 | % | (7.6 | )% | |||
| Total sales | (2.0 | )% | 0.6 | % | (1.4 | )% | |||
| 39 Weeks Ended October 27, 2012 | |||||||||
| Sales Growth GAAP | Impact of Local | Sales Growth on a | |||||||
| Sales: | |||||||||
| North American Delivery | 0.7 | % | 0.1 | % | 0.8 | % | |||
| North American Retail | (1.0 | )% | 0.4 | % | (0.6 | )% | |||
| International Operations | (12.2 | )% | 5.0 | % | (7.2 | )% | |||
| Total sales | (2.6 | )% | 1.2 | % | (1.4 | )% | |||
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 GAAP to Non-GAAP Income Statement Disclosures | ||||||||
| (Dollar Amounts in Thousands) | ||||||||
| (Unaudited) | ||||||||
| 39 Weeks Ended | ||||||||
| October 27, 2012 | October 29, 2011 | |||||||
| Net cash provided by operating activities | $ | 895,386 | $ | 1,095,632 | ||||
| Acquisition of property and equipment | (204,163 | ) | (243,740 | ) | ||||
| Free cash flow | $ | 691,223 | $ | 851,892 | ||||
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.
"El comunicado en el idioma original, es la versión oficial y autorizada del mismo. La traducción es solamente un medio de ayuda y deberá ser comparada con el texto en idioma original, que es la única versión del texto que tendrá validez legal".