UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): August 19, 2015
STAPLES, INC.
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(Exact name of registrant as specified in charter)
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Delaware
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0-17586
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04-2896127
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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Five Hundred Staples Drive, Framingham, MA
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01702
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: 508-253-5000
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(Former name or former address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 19, 2015, Staples, Inc. announced its financial results for
the second quarter ended August 1, 2015. The full text of the press
release issued in connection with the announcement is attached as
Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Form 8-K and the exhibit attached hereto shall
not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933 or the Exchange
Act, except as expressly set forth by specific reference in such a
filing.
Item 9.01 Financial Statements and Exhibits
The exhibit listed on the Exhibit Index immediately preceding such
exhibit is furnished as part of this Current Report on Form 8-K.
SIGNATURE
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date:
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August 19, 2015
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Staples, Inc.
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By:
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/s/ Christine T. Komola
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Christine T. Komola
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Executive Vice President,
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press release dated August 19, 2015.
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Exhibit 99.1
Staples,
Inc. Announces Second Quarter 2015 Performance
FRAMINGHAM, Mass.--(BUSINESS WIRE)--August 19, 2015--Staples, Inc.
(Nasdaq: SPLS) announced today the results for its second quarter ended
August 1, 2015. Total company sales for the second quarter of 2015 were
$4.9 billion, a decrease of five percent compared to the second quarter
of 2014. On a GAAP basis, the company reported net income of $36
million, or $0.06 per diluted share. Second quarter 2015 results on a
GAAP basis include pre-tax charges of $24 million related to
restructuring and related activities, as well as $34 million related to
the acquisition of Office Depot.
Total company sales increased one percent during the second quarter,
excluding the impact of store closures in North America during the past
year and changes in foreign exchange rates. Excluding the impact of
charges taken during the second quarter of 2015, the company reported
non-GAAP net income of $76 million, or $0.12 per diluted share, compared
to second quarter 2014 non-GAAP net income of $75 million, or $0.12 per
diluted share.
“Our second quarter results were in-line with our expectations and
reflect steady progress on our strategic reinvention,” said Ron Sargent,
Staples’ chairman and chief executive officer. “We continued to drive
growth in our delivery businesses and in categories beyond office
supplies, and we grew operating income during the second quarter. We
remain on track with the acquisition of Office Depot, which we expect to
close by the end of 2015.”
Second Quarter 2015 Highlights
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Achieved North American Commercial sales growth of three percent.
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Grew North American copy and print sales in comparable stores,
Staples.com and Contract.
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Increased total company gross profit as a percentage of sales by 54
basis points on a GAAP basis, or 44 basis points after excluding a $5
million charge related to inventory write-downs in the prior year.
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Grew operating income in North American Commercial and North American
Stores and Online.
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Secured more than $50 million of annualized cost savings during the
second quarter of 2015.
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Secured more than $400 million of annualized cost savings since the
beginning of 2014, as part of a previously announced plan to eliminate
at least $500 million of annualized costs in 2014 and 2015 combined.
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Closed 15 stores in North America during the second quarter of 2015.
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Closed 212 stores in North America since the beginning of 2014, as
part of a previously announced plan to close at least 225 stores in
2014 and 2015 combined.
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Second Quarter 2015 Financial Summary
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Second Quarter
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(dollar amounts in millions, except per share data)
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2015
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2014
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Change
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Total company sales
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$4,937
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$5,220
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-5.4%
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Total company sales growth excluding the impact of store closures
and changes in foreign exchange rates*
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0.7%
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GAAP operating income
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$92
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$19
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$73
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Non-GAAP operating income*
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$126
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$120
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$6
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GAAP operating income rate
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1.9%
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0.4%
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151 basis points
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Non-GAAP operating income rate*
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2.6%
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2.3%
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26 basis points
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GAAP net income
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$36
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$82
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-$46
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Non-GAAP net income*
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$76
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$75
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$1
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GAAP earnings per diluted share
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$0.06
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$0.13
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-54%
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Non-GAAP earnings per diluted share*
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$0.12
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$0.12
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0%
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*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.
Total company non-GAAP operating income rate increased 26 basis points
to 2.56 percent from an operating income rate of 2.30 percent achieved
during the second quarter of 2014. This increase reflects improved
product margin rate in North American Stores and Online, as well as
reduced rent expense. This was partially offset by the negative impact
of lower sales on fixed expenses.
The company generated operating cash flow of $300 million and invested
$138 million in capital expenditures year to date, resulting in free
cash flow of $162 million for the first half of 2015, a decrease of $32
million compared to the first half of 2014. The company ended the
quarter with $1.7 billion in liquidity, including $611 million in cash
and cash equivalents.
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North American Stores and Online
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Second Quarter
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(dollar amounts in millions)
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2015
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2014
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Change
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Sales
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$2,108
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$2,282
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-7.6%
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Comparable sales*
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-2%
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Comparable store sales
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-3%
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Staples.com local currency sales growth
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1%
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Operating income
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$28
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$28
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$0
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Operating income rate
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1.3%
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1.2%
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11 basis points
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*Comparable sales includes comparable store sales and Staples.com
sales growth excluding the impact of changes in foreign exchange rates.
Sales for the second quarter of 2015 were $2.1 billion, a decrease of
eight percent compared to the second quarter of 2014. Sales growth was
negatively impacted by approximately four percent due to store closures
during the past year. Changes in foreign exchange rates also negatively
impacted second quarter 2015 sales growth by approximately three
percent. Comparable sales, which combines comparable store sales and
Staples.com sales growth excluding the impact of changes in foreign
exchange rates, decreased two percent versus the prior year. Sales
declines in mobility, business machines, technology accessories, and
computers were partially offset by growth in ink and toner, copy and
print, and facilities supplies. Comparable store sales decreased three
percent, reflecting a two percent decline in average order size and a
one percent decline in traffic versus the prior year. Staples.com sales
declined one percent in U.S. dollars and grew one percent on a local
currency basis during the second quarter of 2015.
Operating income rate increased 11 basis points to 1.3 percent compared
to the second quarter of 2014. This increase primarily reflects improved
product margin rate in retail stores and online, as well as reduced
labor, rent and other operating expenses in stores. This was partially
offset by the negative impact of lower sales on fixed expenses.
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North American Commercial
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Second Quarter
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(dollar amounts in millions)
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2015
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2014
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Change
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Sales
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$2,049
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$1,997
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2.6%
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Operating income
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$138
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$131
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$7
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Operating income rate
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6.7%
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6.5%
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19 basis points
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Sales for the second quarter of 2015 were $2.0 billion, an increase of
three percent compared to the second quarter of 2014. This primarily
reflects growth in facilities supplies, breakroom supplies, furniture,
and promotional products, partially offset by sales declines in ink and
toner and paper.
Operating income rate increased 19 basis points to 6.7 percent compared
to the second quarter of 2014. This increase primarily reflects the
favorable impact of higher sales on fixed expenses. It also reflects
increased product margin rate and lower marketing expense. This was
partially offset by continued investments in sales force to drive growth
in categories beyond office supplies.
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International Operations
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Second Quarter
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(dollar amounts in millions)
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2015
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2014
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Change
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Sales
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$780
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$941
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-17.2%
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Operating loss
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-$22
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-$22
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$0
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Operating loss rate
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-2.8%
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-2.3%
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-52 basis points
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Sales for the second quarter of 2015 were $780 million, a decrease of 17
percent in U.S. dollars and a decrease of one percent on a local
currency basis compared to the second quarter of 2014. This was
primarily driven by a four percent decline in comparable store sales in
Europe.
Operating income rate for International Operations decreased 52 basis
points to an operating loss of 2.8 percent compared to the second
quarter of 2014. This decrease primarily reflects lower product margin
rate in Europe, partially offset by improved profitability in Australia
and China.
Outlook
For the third quarter of 2015, the company expects sales to decrease
versus the third quarter of 2014. The company expects to achieve fully
diluted non-GAAP earnings per share in the range of $0.33 to $0.36 for
the third quarter of 2015. The company’s guidance reflects a sequential
increase in the unfavorable impact of the stronger U.S. dollar on sales
and earnings. The company’s earnings guidance excludes any potential
impact related to restructuring and other related activities or costs
related to the company’s planned acquisition of Office Depot. For the
full year 2015, the company expects to generate more than $600 million
of free cash flow.
Presentation of Non-GAAP Information
This press release presents certain results with and without
restructuring and related charges, long-lived asset impairment,
inventory write-downs, and costs related to the acquisition of Office
Depot. This press release also presents certain results both with and
without the impact of fluctuations in foreign currency exchange rates
and with and without the impact of store closures. The presentation of
these results, 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. Management
believes that the non-GAAP financial measures enable management and
investors to understand and analyze the company’s performance by
providing meaningful information that facilitates 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 these limitations by considering GAAP as well as
non-GAAP results. In addition, management provides a reconciliation to
the most comparable GAAP financial measure. With respect to earnings per
share and free cash flow, financial guidance on a GAAP basis has not
been provided given that current estimates for charges to be incurred
related to restructuring initiatives, the planned acquisition of Office
Depot, and the potential related impact on cash flow represent broad
ranges which are based on preliminary analysis and are subject to change
as plans become finalized.
Today's Conference Call
The company will host a conference call today at 8:00 a.m. (ET) to
review these results and its outlook. Investors may listen to the call
at http://investor.staples.com.
About Staples
Staples makes it easy to make more happen with more products and more
ways to shop. Through its world-class retail, online and delivery
capabilities, Staples lets customers shop however and whenever they
want, whether it’s in-store, online or on mobile devices. Staples offers
more products than ever, such as technology, facilities and breakroom
supplies, furniture, safety supplies, medical supplies, and Copy and
Print services. Headquartered outside of Boston, Staples operates
throughout North and South America, Europe, Asia, Australia and New
Zealand. More information about Staples (SPLS) is available at www.staples.com.
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 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, although not all forward-looking statements include such
words. 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 the risks and uncertainties,
including but not limited to those factors discussed or referenced in
our Annual Report on Form 10-K filed on March 6, 2015, as well as our
quarterly reports on Form 10-Q filed with the SEC since the 10-K, 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.
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STAPLES, INC. AND SUBSIDIARIES
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Condensed Consolidated Balance Sheets
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(Dollar Amounts in Millions, Except Share Data)
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(Unaudited)
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August 1, 2015
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January 31, 2015
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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611
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$
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627
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Receivables, net
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1,862
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1,928
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Merchandise inventories, net
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2,360
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2,144
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Deferred income tax assets
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214
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224
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Prepaid expenses and other current assets
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327
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252
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Total current assets
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5,374
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5,175
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Property and equipment:
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Land and buildings
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926
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948
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Leasehold improvements
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1,201
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|
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1,231
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Equipment
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2,798
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2,825
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Furniture and fixtures
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984
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1,016
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Total property and equipment
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5,909
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6,020
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Less: Accumulated depreciation
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4,312
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4,314
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Net property and equipment
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1,597
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|
|
|
|
1,706
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Intangible assets, net of accumulated amortization
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|
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|
310
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|
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335
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Goodwill
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2,662
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|
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|
2,680
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Other assets
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383
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412
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Total assets
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$
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10,326
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$
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10,308
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
|
|
|
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Accounts payable
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$
|
2,129
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|
|
|
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$
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1,867
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Accrued expenses and other current liabilities
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|
|
|
1,193
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|
|
|
|
1,332
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Debt maturing within one year
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|
|
90
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|
|
|
|
92
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Total current liabilities
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|
|
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3,412
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|
|
|
|
3,291
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|
|
|
|
|
|
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|
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Long-term debt, net of current maturities
|
|
|
|
1,018
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|
|
|
|
1,018
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Other long-term obligations
|
|
|
|
673
|
|
|
|
|
686
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|
|
|
|
|
|
|
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Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $.01 par value, 5,000,000 shares authorized; no
shares issued
|
|
|
|
—
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|
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|
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—
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Common stock, $.0006 par value, 2,100,000,000 shares authorized;
issued and outstanding 944,769,441 and 643,528,252 shares at August
1, 2015 and 941,561,541 shares and 640,320,352 shares at January 31,
2015, respectively
|
|
|
|
1
|
|
|
|
|
1
|
|
Additional paid-in capital
|
|
|
|
4,966
|
|
|
|
|
4,935
|
|
Accumulated other comprehensive loss
|
|
|
|
(1,104
|
)
|
|
|
|
(1,041
|
)
|
Retained earnings
|
|
|
|
6,771
|
|
|
|
|
6,829
|
|
Less: Treasury stock at cost, 301,241,189 shares at August 1, 2015
and January 31, 2015
|
|
|
|
(5,419
|
)
|
|
|
|
(5,419
|
)
|
Total Staples, Inc. stockholders’ equity
|
|
|
|
5,215
|
|
|
|
|
5,305
|
|
Noncontrolling interests
|
|
|
|
8
|
|
|
|
|
8
|
|
Total stockholders’ equity
|
|
|
|
5,223
|
|
|
|
|
5,313
|
|
Total liabilities and stockholders’ equity
|
|
|
|
$
|
10,326
|
|
|
|
|
$
|
10,308
|
|
|
|
STAPLES, INC. AND SUBSIDIARIES
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Condensed Consolidated Statements of Income
|
(Amounts in Millions, Except Per Share Data)
|
(Unaudited)
|
|
|
|
|
|
13 Weeks Ended
|
|
|
|
26 Weeks Ended
|
|
|
|
|
August 1, 2015
|
|
|
|
August 2, 2014
|
|
|
|
August 1, 2015
|
|
|
|
August 2, 2014
|
Sales
|
|
|
|
$
|
4,937
|
|
|
|
|
$
|
5,220
|
|
|
|
|
$
|
10,198
|
|
|
|
|
$
|
10,874
|
|
Cost of goods sold and occupancy costs
|
|
|
|
3,673
|
|
|
|
|
3,912
|
|
|
|
|
7,588
|
|
|
|
|
8,156
|
|
Gross profit
|
|
|
|
1,264
|
|
|
|
|
1,308
|
|
|
|
|
2,610
|
|
|
|
|
2,718
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
|
1,131
|
|
|
|
|
1,180
|
|
|
|
|
2,302
|
|
|
|
|
2,403
|
|
Impairment of long-lived assets
|
|
|
|
1
|
|
|
|
|
5
|
|
|
|
|
23
|
|
|
|
|
27
|
|
Restructuring charges
|
|
|
|
23
|
|
|
|
|
88
|
|
|
|
|
64
|
|
|
|
|
102
|
|
Amortization of intangibles
|
|
|
|
17
|
|
|
|
|
15
|
|
|
|
|
34
|
|
|
|
|
30
|
|
Total operating expenses
|
|
|
|
1,172
|
|
|
|
|
1,289
|
|
|
|
|
2,423
|
|
|
|
|
2,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of businesses and assets, net
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
92
|
|
|
|
|
19
|
|
|
|
|
190
|
|
|
|
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
2
|
|
Interest expense
|
|
|
|
(35
|
)
|
|
|
|
(13
|
)
|
|
|
|
(51
|
)
|
|
|
|
(25
|
)
|
Other income (expense), net
|
|
|
|
(2
|
)
|
|
|
|
5
|
|
|
|
|
(1
|
)
|
|
|
|
5
|
|
Income before income taxes
|
|
|
|
56
|
|
|
|
|
12
|
|
|
|
|
140
|
|
|
|
|
160
|
|
Income tax expense (benefit)
|
|
|
|
20
|
|
|
|
|
(70
|
)
|
|
|
|
45
|
|
|
|
|
(18
|
)
|
Net income
|
|
|
|
$
|
36
|
|
|
|
|
$
|
82
|
|
|
|
|
$
|
95
|
|
|
|
|
$
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share
|
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.13
|
|
|
|
|
$
|
0.15
|
|
|
|
|
$
|
0.28
|
|
Diluted Earnings Per Common Share
|
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.13
|
|
|
|
|
$
|
0.15
|
|
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
641
|
|
|
|
|
641
|
|
|
|
|
640
|
|
|
|
|
642
|
|
Diluted
|
|
|
|
647
|
|
|
|
|
647
|
|
|
|
|
646
|
|
|
|
|
648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
|
|
|
$
|
0.12
|
|
|
|
|
$
|
0.12
|
|
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
|
$
|
(49
|
)
|
|
|
|
$
|
11
|
|
|
|
|
$
|
33
|
|
|
|
|
$
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STAPLES, INC. AND SUBSIDIARIES
|
Condensed Consolidated Statements of Cash Flows
|
(Amounts in Millions)
|
(Unaudited)
|
|
|
|
|
|
26 Weeks Ended
|
|
|
|
|
August 1, 2015
|
|
|
|
August 2, 2014
|
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
95
|
|
|
|
|
$
|
178
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
198
|
|
|
|
|
200
|
|
Amortization of intangibles
|
|
|
|
34
|
|
|
|
|
30
|
|
Gain on sale of businesses and assets, net
|
|
|
|
(3
|
)
|
|
|
|
(22
|
)
|
Impairment of long-lived assets
|
|
|
|
23
|
|
|
|
|
27
|
|
Inventory write-downs related to restructuring activities
|
|
|
|
—
|
|
|
|
|
16
|
|
Stock-based compensation
|
|
|
|
34
|
|
|
|
|
37
|
|
Excess tax benefits from stock-based compensation arrangements
|
|
|
|
(4
|
)
|
|
|
|
—
|
|
Deferred income tax expense (benefit)
|
|
|
|
1
|
|
|
|
|
(11
|
)
|
Other
|
|
|
|
4
|
|
|
|
|
7
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease in receivables
|
|
|
|
51
|
|
|
|
|
13
|
|
Increase in merchandise inventories
|
|
|
|
(231
|
)
|
|
|
|
(219
|
)
|
Increase in prepaid expenses and other assets
|
|
|
|
(57
|
)
|
|
|
|
(71
|
)
|
Increase in accounts payable
|
|
|
|
277
|
|
|
|
|
163
|
|
Decrease in accrued expenses and other liabilities
|
|
|
|
(126
|
)
|
|
|
|
(43
|
)
|
Increase in other long-term obligations
|
|
|
|
4
|
|
|
|
|
—
|
|
Net cash provided by operating activities
|
|
|
|
300
|
|
|
|
|
304
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
(138
|
)
|
|
|
|
(110
|
)
|
Proceeds from the sale of property and equipment
|
|
|
|
8
|
|
|
|
|
3
|
|
Sale of businesses, net
|
|
|
|
—
|
|
|
|
|
50
|
|
Acquisition of businesses, net of cash acquired
|
|
|
|
(21
|
)
|
|
|
|
(68
|
)
|
Net cash used in investing activities
|
|
|
|
(151
|
)
|
|
|
|
(124
|
)
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options and sale of stock under
employee stock purchase plans
|
|
|
|
23
|
|
|
|
|
20
|
|
Proceeds from borrowings
|
|
|
|
3
|
|
|
|
|
13
|
|
Payments on borrowings, including payment of deferred financing fees
|
|
|
|
(14
|
)
|
|
|
|
(14
|
)
|
Cash dividends paid
|
|
|
|
(153
|
)
|
|
|
|
(154
|
)
|
Excess tax benefits from stock-based compensation arrangements
|
|
|
|
4
|
|
|
|
|
—
|
|
Repurchase of common stock
|
|
|
|
(21
|
)
|
|
|
|
(126
|
)
|
Net cash used in financing activities
|
|
|
|
(158
|
)
|
|
|
|
(261
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(7
|
)
|
|
|
|
(2
|
)
|
Net decrease in cash and cash equivalents
|
|
|
|
(16
|
)
|
|
|
|
(83
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
627
|
|
|
|
|
493
|
|
Cash and cash equivalents at end of period
|
|
|
|
611
|
|
|
|
|
409
|
|
Add: Cash and cash equivalents attributed to disposal group held for
sale at February 1, 2014
|
|
|
|
—
|
|
|
|
|
8
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
$
|
611
|
|
|
|
|
$
|
417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STAPLES, INC. AND SUBSIDIARIES
|
Segment Reporting
|
(Amounts in Millions)
|
(Unaudited)
|
|
|
|
|
13 Weeks Ended
|
|
|
|
26 Weeks Ended
|
|
|
|
August 1, 2015
|
|
|
August 2, 2014
|
|
|
|
August 1, 2015
|
|
|
August 2, 2014
|
|
|
|
Sales
|
North American Stores & Online
|
|
|
$
|
2,108
|
|
|
|
$
|
2,282
|
|
|
|
|
$
|
4,479
|
|
|
|
$
|
4,916
|
|
North American Commercial
|
|
|
2,049
|
|
|
|
1,997
|
|
|
|
|
4,157
|
|
|
|
4,053
|
|
International Operations
|
|
|
780
|
|
|
|
941
|
|
|
|
|
1,562
|
|
|
|
1,905
|
|
Total segment sales
|
|
|
$
|
4,937
|
|
|
|
$
|
5,220
|
|
|
|
|
$
|
10,198
|
|
|
|
$
|
10,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Unit Income (Loss)
|
North American Stores & Online
|
|
|
$
|
28
|
|
|
|
$
|
28
|
|
|
|
|
$
|
103
|
|
|
|
$
|
120
|
|
North American Commercial
|
|
|
138
|
|
|
|
131
|
|
|
|
|
272
|
|
|
|
266
|
|
International Operations
|
|
|
(22
|
)
|
|
|
(22
|
)
|
|
|
|
(42
|
)
|
|
|
(47
|
)
|
Business unit income
|
|
|
144
|
|
|
|
136
|
|
|
|
|
333
|
|
|
|
340
|
|
Stock-based compensation
|
|
|
(17
|
)
|
|
|
(16
|
)
|
|
|
|
(34
|
)
|
|
|
(37
|
)
|
Impairment of long-lived assets
|
|
|
(1
|
)
|
|
|
(5
|
)
|
|
|
|
(23
|
)
|
|
|
(27
|
)
|
Restructuring charges
|
|
|
(23
|
)
|
|
|
(88
|
)
|
|
|
|
(64
|
)
|
|
|
(102
|
)
|
Inventory write-downs related to restructuring activities
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
|
—
|
|
|
|
(16
|
)
|
Accelerated depreciation related to restructuring activities
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
|
(5
|
)
|
|
|
(2
|
)
|
Gain on sale of businesses and assets, net
|
|
|
—
|
|
|
|
—
|
|
|
|
|
3
|
|
|
|
22
|
|
Interest and other expense, net
|
|
|
(36
|
)
|
|
|
(7
|
)
|
|
|
|
(50
|
)
|
|
|
(18
|
)
|
Merger-related costs
|
|
|
(10
|
)
|
|
|
—
|
|
|
|
|
(20
|
)
|
|
|
—
|
|
Income before income taxes
|
|
|
$
|
56
|
|
|
|
$
|
12
|
|
|
|
|
$
|
140
|
|
|
|
$
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STAPLES, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Income Statement Disclosures
|
(Dollar Amounts in Millions, Except Per Share Data)
|
(Unaudited)
|
|
For the non-GAAP measures related to results of operations,
reconciliations to the most directly comparable GAAP measures are shown
below (amounts in millions, except per share data):
|
|
|
|
|
|
13 Weeks Ended
|
|
|
|
|
August 1, 2015
|
|
|
|
|
GAAP
|
|
|
Restructuring charges
|
|
|
Impairment of long- lived assets & accelerated depreciation
|
|
|
Merger-related costs
|
|
|
Non-GAAP
|
Operating income
|
|
|
|
$
|
92
|
|
|
|
$
|
23
|
|
|
|
$
|
1
|
|
|
|
$
|
10
|
|
|
|
$
|
126
|
|
Interest and other expense, net
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
12
|
|
Income before income taxes
|
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
Adjustments
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
Adjusted income tax expense
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
36
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
35.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
33.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
|
|
|
|
|
August 1, 2015
|
|
|
|
|
GAAP
|
|
|
Restructuring charges
|
|
|
Impairment of long-lived assets & accelerated depreciation
|
|
|
Gain on sale of assets, net
|
|
|
Merger-related costs
|
|
|
Non-GAAP
|
Operating income
|
|
|
|
$
|
190
|
|
|
|
$
|
64
|
|
|
|
$
|
28
|
|
|
|
$
|
(3
|
)
|
|
|
$
|
20
|
|
|
|
$
|
299
|
|
Interest and other expense, net
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
|
|
22
|
|
Income before income taxes
|
|
|
|
140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
Adjustments
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48
|
|
Adjusted income tax expense
|
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
184
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
32.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
|
|
|
August 2, 2014
|
|
|
|
|
GAAP
|
|
|
Inventory write-downs
|
|
|
Restructuring charges
|
|
|
Impairment of long-lived assets & accelerated depreciation
|
|
|
Non-GAAP
|
Sales
|
|
|
|
$
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,220
|
|
Gross profit
|
|
|
|
1,308
|
|
|
|
$
|
5
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,313
|
|
Gross profit rate
|
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
25.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
19
|
|
|
|
5
|
|
|
|
$
|
88
|
|
|
|
$
|
7
|
|
|
|
120
|
|
Interest and other expense, net
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
Income before income taxes
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(70
|
)
|
Reduction of liability for unrecognized tax benefits & other
discrete tax items
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
67
|
|
Tax benefit on charges related to restructuring activities
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
41
|
|
Adjusted income tax (benefit) expense
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
(581.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
33.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
|
|
|
|
|
August 2, 2014
|
|
|
|
|
GAAP
|
|
|
Inventory write-downs
|
|
|
Restructuring charges
|
|
|
Impairment of long-lived assets & accelerated depreciation
|
|
|
Gain on sale of businesses, net
|
|
|
Non-GAAP
|
Sales
|
|
|
|
$
|
10,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,874
|
|
Gross profit
|
|
|
|
2,718
|
|
|
|
$
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
2,734
|
|
Gross profit rate
|
|
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
178
|
|
|
|
16
|
|
|
|
$
|
102
|
|
|
|
$
|
29
|
|
|
|
$
|
(22
|
)
|
|
|
303
|
|
Interest and other expense, net
|
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18
|
)
|
Income before income taxes
|
|
|
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
285
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
|
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18
|
)
|
Reduction of liability for unrecognized tax benefits & other
discrete tax items
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58
|
|
Tax benefit on charges related to restructuring activities
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55
|
|
Adjusted income tax (benefit) expense
|
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
(11.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note that certain percentage figures shown in the tables above may not
recalculate due to rounding.
|
STAPLES, INC. AND SUBSIDIARIES
|
Reconciliation of GAAP to Non-GAAP Sales Growth
|
(Dollar amounts in Millions)
|
(Unaudited)
|
|
Staples.com Sales Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second quarter of fiscal 2015
|
|
|
|
Second quarter of fiscal 2014
|
|
|
|
Change
|
GAAP sales
|
|
|
|
$
|
541
|
|
|
|
|
$
|
546
|
|
|
|
|
$
|
(5
|
)
|
GAAP sales growth
|
|
|
|
(1.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of changes in exchange rates
|
|
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP sales
|
|
|
|
$
|
554
|
|
|
|
|
$
|
546
|
|
|
|
|
$
|
8
|
|
Non-GAAP sales growth
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-date fiscal 2015
|
|
|
|
Year-to-date fiscal 2014
|
|
|
|
Change
|
GAAP sales
|
|
|
|
$
|
1,136
|
|
|
|
|
1,136
|
|
|
|
|
$
|
—
|
|
GAAP sales growth
|
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of changes in exchange rates
|
|
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP sales
|
|
|
|
$
|
1,161
|
|
|
|
|
$
|
1,136
|
|
|
|
|
$
|
25
|
|
Non-GAAP sales growth
|
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended August 1, 2015
|
|
|
|
|
Sales Growth GAAP
|
|
|
|
Impact of Local Currency
|
|
|
|
Sales Growth on a Local Currency Basis
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Stores & Online
|
|
|
|
(7.6
|
)%
|
|
|
|
2.8
|
%
|
|
|
|
(4.8
|
)%
|
North American Commercial
|
|
|
|
2.6
|
%
|
|
|
|
0.9
|
%
|
|
|
|
3.5
|
%
|
International Operations
|
|
|
|
(17.2
|
)%
|
|
|
|
16.3
|
%
|
|
|
|
(0.9
|
)%
|
Total sales
|
|
|
|
(5.4
|
)%
|
|
|
|
4.5
|
%
|
|
|
|
(0.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended Ended August 1, 2015
|
|
|
|
|
Sales Growth GAAP
|
|
|
|
Impact of Local Currency
|
|
|
|
Sales Growth on a Local Currency Basis
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Stores & Online
|
|
|
|
(8.9
|
)%
|
|
|
|
2.5
|
%
|
|
|
|
(6.4
|
)%
|
North American Commercial
|
|
|
|
2.6
|
%
|
|
|
|
0.8
|
%
|
|
|
|
3.4
|
%
|
International Operations
|
|
|
|
(18.0
|
)%
|
|
|
|
16.4
|
%
|
|
|
|
(1.6
|
)%
|
Total sales
|
|
|
|
(6.2
|
)%
|
|
|
|
4.3
|
%
|
|
|
|
(1.9
|
)%
|
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 Sales Growth (continued)
|
(Unaudited)
|
|
|
|
|
|
13 Weeks Ended August 1, 2015
|
GAAP sales growth
|
|
|
|
(5.4
|
)%
|
Impact of change in exchange rates
|
|
|
|
(4.5
|
)%
|
Impact of store closures
|
|
|
|
(1.6
|
)%
|
Non-GAAP sales growth
|
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
STAPLES, INC. AND SUBSIDIARIES
|
Reconciliation of Free Cash Flow Disclosures
|
(Amounts in Millions)
|
(Unaudited)
|
|
|
|
|
|
26 Weeks Ended
|
|
|
|
|
August 1, 2015
|
|
|
|
August 2, 2014
|
Net cash provided by operating activities
|
|
|
|
$
|
300
|
|
|
|
|
$
|
304
|
|
Acquisition of property and equipment
|
|
|
|
(138
|
)
|
|
|
|
(110
|
)
|
Free cash flow
|
|
|
|
$
|
162
|
|
|
|
|
$
|
194
|
|
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.
CONTACT:
Staples, Inc.
Media Contact:
Kirk Saville,
508-253-8530
or
Investor Contact:
Chris Powers or Kevin
Barry, 508-253-4632/1487
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