Staples, Inc. (Nasdaq: SPLS) announced today the results for its
second quarter ended July 30, 2016. Total company sales for the
second quarter of 2016 were $4.8 billion, a decrease of four
percent compared to the second quarter of 2015. On a GAAP basis,
the company reported a net loss of $766 million, or $1.18 per
share. Second quarter 2016 results on a GAAP basis include pre-tax
charges of $986 million primarily related to the impairment of
European goodwill and other assets and costs associated with the
termination of the Office Depot merger agreement.
Excluding the impact of changes in foreign exchange rates, store
closures and the sale of the company’s Staples Print Solutions
business total company sales for the second quarter of 2016
decreased two percent compared to the second quarter of 2015.
Excluding the impact of charges taken during the second quarter of
2016, the company reported non-GAAP net income of $79 million, or
$0.12 per diluted share, versus second quarter 2015 non-GAAP net
income of $76 million, or $0.12 per diluted share.
“I’d like to thank the entire Staples team for remaining focused
and delivering results that were right in-line with our
expectations during a quarter that included the launch of a new
strategic plan and a change in leadership,” said Shira Goodman,
Staples’ interim Chief Executive Officer. “We are dramatically
changing our mindset and operating model as we execute our 20/20
strategy and reposition Staples for sustainable long-term sales and
earnings growth.”
Second Quarter 2016 Financial
Summary
Second Quarter (dollar amounts in millions, except per share
data)
2016 2015 Change Total company sales
$4,752 $4,937 -3.7%
Total company sales growth excluding the
impact of store closures,changes in foreign exchange rates and the
sale of Staples Print Solutions*
-2% GAAP operating income -$825 $92 -$917 Non-GAAP operating
income* $128 $126 $2 GAAP operating income rate -17.3% 1.9%
-1,923 basis points Non-GAAP operating income rate* 2.7% 2.6% 14
basis points GAAP net income -$766 $36 -$802 Non-GAAP net
income* $79 $76 $3 GAAP earnings per diluted share -$1.18
$0.06 NM Non-GAAP earnings per diluted share* $0.12
$0.12 0%
*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.
Second Quarter 2016 Highlights
- Staples Business Advantage, the
company’s North American contract business, achieved sales growth
of one percent on a GAAP basis and three percent on a local
currency basis after excluding a negative impact of approximately
two percent due to the sale of the company’s Staples Print
Solutions business during the second quarter of 2016.
- Excluding pre-tax charges of $953
million during the second quarter of 2016 and $34 million during
the second quarter of 2015, the company improved operating income
rate by 14 basis points on a non-GAAP basis.
- Grew operating income in North American
Commercial by $8 million, or six percent, and improved operating
income rate by 40 basis points versus the second quarter of
2015.
- Reduced operating losses in
International Operations by $8 million, and improved operating
income rate by 91 basis points versus the second quarter of
2015.
- Closed five stores during the second
quarter of 2016 and 19 stores year to date in North America as part
of a plan to close at least 50 stores in North America during
2016.
- Ended the second quarter of 2016 with
$1.7 billion in liquidity, including $775 million in cash and cash
equivalents.
North American Commercial Second
Quarter (dollar amounts in millions)
2016
2015 Change Sales $2,044 $2,049 -0.2%
Operating income $146 $138 $8 Operating income rate 7.1%
6.7% 40 basis points
North American Commercial sales for the second quarter of 2016
were $2.0 billion, flat compared to the second quarter of 2015.
This primarily reflects growth in facilities supplies, promotional
products, and breakroom supplies, partially offset by declines in
ink and toner, office supplies and paper. Sales growth was
negatively impacted by approximately one percent due to the sale of
the company’s Staples Print Solutions business during the second
quarter of 2016.
Staples Business Advantage achieved sales growth of one percent
on a GAAP basis and three percent on a local currency basis after
excluding a negative impact of approximately two percent due to the
sale of the company’s Staples Print Solutions business.
Operating income rate increased 40 basis points to 7.1 percent
compared to the second quarter of 2015. This improvement primarily
reflects lower labor costs. This was partially offset by lower
product margin rate.
North American Stores and Online
Second Quarter (dollar amounts in millions)
2016
2015 Change Sales $1,987 $2,108 -5.7% Comparable
sales* -4% Comparable store sales -5% Staples.com local currency
sales growth 1% Operating income $12 $28 -$16 Operating
income rate 0.6% 1.3% -73 basis points
*Comparable sales includes comparable store sales and
Staples.com sales growth excluding the impact of changes in foreign
exchange rates.
North American Stores and Online sales for the second quarter of
2016 were $2.0 billion, a decrease of six percent compared to the
second quarter of 2015. Store closures negatively impacted second
quarter 2016 sales growth by approximately one percent. Sales
growth was also negatively impacted by approximately one percent
due to changes in foreign exchange rates. Comparable sales, which
combines comparable store sales and Staples.com sales growth
excluding the impact of changes in foreign exchange rates,
decreased four percent versus the prior year. Sales declines in ink
and toner, business machines, technology accessories and office
supplies were partially offset by growth in computers. Comparable
store sales decreased five percent, primarily reflecting a decline
in customer traffic versus the prior year. Staples.com sales grew
one percent in U.S. dollars and on a local currency basis compared
to the second quarter of 2015.
Operating income rate decreased 73 basis points to 0.6 percent
compared to the second quarter of 2015. This primarily reflects the
negative impact of lower sales on fixed expenses in retail stores.
This was partially offset by improved profitability in
Staples.com.
International Operations
Second Quarter (dollar amounts
in millions)
2016 2015 Change Sales $721 $780
-7.5% Operating income -$14 -$22 $8 Operating income rate
-1.9% -2.8% 91 basis points
International Operations sales for the second quarter of 2016
were $721 million, a decrease of seven percent in U.S. dollars or
four percent on a local currency basis compared to the second
quarter of 2015. This was primarily driven by sales declines in
Europe, partially offset by double-digit growth in China.
Operating income rate for International Operations improved 91
basis points to an operating loss of 1.9 percent compared to the
second quarter of 2015. This primarily reflects improved
profitability in Europe.
Outlook
For the third quarter of 2016, the company expects sales to
decrease versus the third quarter of 2015. The company expects to
achieve fully diluted non-GAAP earnings per share in the range of
$0.32 to $0.35 for the third quarter of 2016. The company’s
earnings guidance excludes potential charges related to the
company’s strategic plans, including restructuring and related
initiatives as well as the ongoing exploration of strategic
alternatives for the company’s European operations. For the full
year 2016, the company expects to generate approximately $600
million of free cash flow excluding the after-tax impact to
operating cash flow of approximately $340 million of charges
associated with financing for the proposed acquisition of Office
Depot and costs associated with the termination of the Office Depot
merger agreement. The company plans to close at least 50 stores in
North America in 2016.
Presentation of Non-GAAP Information
This press release presents certain results with and without the
impairment of goodwill, restructuring and related charges,
long-lived asset impairment, gains and losses related to the sale
of businesses and assets, costs related to the proposed acquisition
of Office Depot and costs related to litigation. This press release
also presents certain results both with and without the impact of
fluctuations in foreign currency exchange rates, with and without
the impact of store closures and with and without the impact of the
sale of the company’s Staples Print Solutions business. 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 potential charges to be incurred
related to the company’s strategic plans, including restructuring
and related initiatives as well as the ongoing exploration of
strategic alternatives for the company’s European operations, and
the potential related impact on cash flow cannot be reasonably
estimated.
Today's Conference Call
The company will host a conference call today at 10:00 a.m. (ET)
to review these results and its outlook. Investors may listen to
the call at http://investor.staples.com.
About Staples
Staples retail stores and Staples.com help small business
customers make more happen by providing a broad assortment of
products, expanded business services and easy ways to shop, all
backed with a lowest price guarantee. Staples offers businesses the
convenience to shop and buy how and when they want - in store,
online, via mobile or though social apps. Staples.com customers can
either buy online and pick-up in store or ship for free from
Staples.com with Staples Rewards minimum purchase. Expanded
services also make it easy for businesses to succeed with in-store
Business Centers featuring shipping services and products, copying,
scanning, faxing and computer work stations, Tech Services,
full-service Print & Marketing Services, Staples Merchant
Services, small business lending and credit services.
Staples Business Advantage, the business-to-business division of
Staples, Inc., helps mid-market, commercial and enterprise-sized
customers make more happen by offering a curated assortment of
products and services combined with deep expertise, best-in-class
customer service, competitive pricing and state-of-the
art-ecommerce site. Staples Business Advantage is the one-source
solution for all things businesses need to succeed, including
office supplies, facilities cleaning and maintenance, breakroom
snacks and beverages, technology, furniture, interior design and
Print & Marketing Services. Headquartered outside of Boston,
Staples, Inc. operates throughout North and South America, Europe,
Asia, Australia and New Zealand. More information about Staples
(NASDAQ: SPLS) is available at www.staples.com.
Safe Harbor for Forward-looking Statements
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 risks and uncertainties, including but not limited
to our ability to meet the changing needs of our customers; our
ability to successfully transform our business; industry, operating
and competitive pressures and global economic conditions, including
their impact on prices and demand for our products and services,
our financial condition and our results of operations; risks
related to international operations and fluctuations in foreign
exchange rates, including as a result of the uncertainty related to
Britain’s decision in 2016 to exit the European Union; compromises
of our information security; changes in our effective tax rate; our
ability to retain qualified employees; the impact of regulation and
regulatory, investigative and legal proceedings and legal
compliance risks; and factors discussed or referenced in our Annual
Report on Form 10-K filed on March 4, 2016, 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.
STAPLES, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(Dollar Amounts in Millions, Except
Share Data)
(Unaudited)
July 30, 2016
January 30, 2016
ASSETS Current assets: Cash and cash equivalents $
775 $ 825 Receivables, net 1,808 1,899 Merchandise inventories, net
2,233 2,078 Prepaid expenses and other current assets 432
310
Total current assets 5,248 5,112
Net
property and equipment 1,465 1,586
Intangible assets, net of
accumulated amortization 246 274
Goodwill 2,014 2,653
Other assets 510 547
Total assets $
9,483 $ 10,172
LIABILITIES AND STOCKHOLDERS’
EQUITY Current liabilities: Accounts payable $ 2,049 $
1,894 Accrued expenses and other current liabilities 1,143 1,353
Debt maturing within one year 207 17
Total current
liabilities 3,399 3,264
Long-term debt, net of
current maturities 1,015 1,018
Other long-term
obligations 497 506
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 951,657,980 and
650,416,791 shares at July 30, 2016 and 946,964,792 and 645,723,603
shares at January 30, 2016 1 1 Additional paid-in capital 5,029
5,010 Accumulated other comprehensive loss (1,068 ) (1,116 )
Retained earnings 6,021 6,900 Less: Treasury stock at cost,
301,241,189 shares at July 30, 2016 and January 30, 2016 (5,419 )
(5,419 )
Total Staples, Inc. stockholders’ equity 4,564
5,376 Noncontrolling interests 8 8
Total
stockholders’ equity 4,572 5,384
Total
liabilities and stockholders’ equity $ 9,483 $ 10,172
STAPLES, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Comprehensive Income
(Amounts in Millions, Except Per Share
Data)
(Unaudited)
13 Weeks Ended 26 Weeks Ended July 30,
2016 August 1, 2015 July 30,
2016 August 1, 2015 Sales $ 4,752 $
4,937 $ 9,853 $ 10,198 Cost of goods sold and occupancy costs 3,560
3,673 7,373 7,588
Gross profit
1,192 1,264 2,480 2,610
Operating expenses: Selling, general
and administrative 1,077 1,131 2,198 2,302 Merger termination fee
250 — 250 — Impairment of goodwill and long-lived assets 660 1 660
23 Restructuring charges (1 ) 23 10 64 Amortization of intangibles
15 17 30 34
Total operating
expenses 2,001 1,172 3,148 2,423
(Loss) gain on sale of businesses and assets, net (16 ) —
(49 ) 3
Operating (loss) income (825 ) 92 (717 ) 190
Other income (expense): Interest income 1 1 3 2
Interest expense (18 ) (35 ) (60 ) (51 ) Loss on early
extinguishment of debt (26 ) — (26 ) — Other income (expense), net
4 (2 ) 7 (1 ) (Loss) income before income taxes (864
) 56 (793 ) 140 Income tax (benefit) expense (98 ) 20 (68 )
45
Net (loss) income $ (766 ) $ 36 $ (725 ) $
95 Earnings Per Common Share: Basic Earnings Per
Common Share $ (1.18 ) $ 0.06 $ (1.12 ) $ 0.15
Diluted Earnings Per Common Share $ (1.18 ) $ 0.06 $ (1.12 )
$ 0.15 Dividends declared per common share $ 0.12
$ 0.12 $ 0.24 $ 0.24
Comprehensive (loss) income $ (852 ) $ (49 ) $ (677 ) $ 33
STAPLES, INC. AND
SUBSIDIARIES
Condensed Consolidated Statements of
Cash Flows
(Amounts in Millions)
(Unaudited)
26 Weeks Ended July 30, 2016 August
1, 2015 Operating Activities: Net (loss) income $ (725 )
$ 95 Adjustments to reconcile net (loss) income to net cash
provided by operating activities: Depreciation 193 198 Amortization
of intangibles 30 34 Loss (gain) on sale of businesses and assets,
net 49 (3 ) Interest and fees paid from restricted cash account,
net 66 — Impairment of goodwill and long-lived assets 660 23
Stock-based compensation 33 34 Excess tax benefits from stock-based
compensation arrangements — (4 ) Deferred income tax expense 18 1
Other 4 4 Changes in assets and liabilities: Decrease in
receivables 57 51 Increase in merchandise inventories (196 ) (231 )
Increase in prepaid expenses and other assets (132 ) (57 ) Increase
in accounts payable 155 277 Decrease in accrued expenses and other
liabilities (218 ) (126 ) (Decrease) increase in other long-term
obligations (5 ) 4
Net cash (used in) provided by
operating activities (11 ) 300
Investing
Activities: Acquisition of property and equipment (102 ) (138 )
Proceeds from the sale of property and equipment — 8 Sale of
businesses, net 83 — Increase in restricted cash (66 ) —
Acquisition of businesses, net of cash acquired — (21 )
Net cash used in investing activities (85 ) (151 )
Financing Activities: Proceeds from the exercise of stock
options and sale of stock under employee stock purchase plans 16 23
Proceeds from borrowings 182 3 Payments on borrowings, including
payment of deferred financing fees and capital lease obligations
(190 ) (14 ) Proceeds from issuance of commercial paper, net of
repayments 188 — Cash dividends paid (155 ) (153 ) Excess tax
benefits from stock-based compensation arrangements — 4 Repurchase
of common stock (12 ) (21 )
Net cash provided by (used in)
financing activities 29 (158 ) Effect of exchange rate changes
on cash and cash equivalents 17 (7 )
Net decrease in cash
and cash equivalents (50 ) (16 ) Cash and cash equivalents at
beginning of period 825 627
Cash and cash
equivalents at the end of the period $ 775 $ 611
STAPLES, INC. AND
SUBSIDIARIES
Segment Reporting
(Amounts in Millions)
(Unaudited)
13 Weeks Ended 26 Weeks Ended July 30,
2016 August 1, 2015 July 30, 2016
August 1, 2015 Sales North American Commercial $
2,044 $ 2,049 $ 4,160 $ 4,157 North American Stores & Online
1,987 2,108 4,234 4,479 International Operations 721 780
1,459 1,562 Total segment sales $ 4,752
$ 4,937 $ 9,853 $ 10,198
Business
Unit Income (Loss) North American Commercial $ 146 $ 138 $ 294
$ 272 North American Stores & Online 12 28 74 103 International
Operations (14 ) (22 ) (32 ) (42 ) Business unit income 144 144 336
333 Merger termination fee (250 ) — (250 ) — Stock-based
compensation (16 ) (17 ) (33 ) (34 ) Impairment of goodwill and
long-lived assets (660 ) (1 ) (660 ) (23 ) Litigation costs (16 ) —
(16 ) — Restructuring charges and costs related to strategic plans
(11 ) (24 ) (21 ) (69 ) (Loss) gain related to sale of businesses
and assets, net (16 ) — (49 ) 3 Interest and other expense, net (13
) (36 ) (50 ) (50 ) Loss on early extinguishment of debt (26 ) —
(26 ) — Merger-related costs — (10 ) (24 ) (20 ) (Loss)
income before income taxes $ (864 ) $ 56 $ (793 ) $ 140
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:
13 Weeks Ended July 30, 2016
GAAP
Impairment
ofgoodwillandlong-lived assets
Merger-relatedcosts
Loss on sale ofbusinesses
andassets, net
Litigation
Costs related
torestructuringand strategicplans
Non-GAAP Gross Profit $ 1,192 $ — $ — $
— $ — $ 4 $ 1,196 Operating (loss) income $
(825 ) $ 660 $ 250 $ 16 $ 16 $ 11
$
128
Interest and other expense, net 13 — (7 ) — — — 6 Loss on early
extinguishment of debt 26 — (26 ) — — — — (Loss)
income before income taxes (864 ) 122 Income tax (benefit)
expense (98 ) (98 ) Adjustments — 141 Adjusted income
tax (benefit) expense (98 ) 43 Net (loss) income $
(766 ) $ 79 Effective tax rate 11.3 % 35.5 %
(Loss) income per common share: Basic earnings per common share $
(1.18 ) $ 0.12 Diluted earnings per common share $ (1.18 ) $ 0.12
Weighted average common shares outstanding 648 648 Effect of
dilutive securities — 4 Weighted average common
shares outstanding assuming dilution 648 652
26 Weeks Ended July 30, 2016
GAAP
Impairment ofgoodwill
andlong-livedassets
Merger-related costs
Loss on sale ofbusinesses
andassets, net
Litigation
Costs related
torestructuringand strategicplans
Non-GAAP Gross profit $ 2,480 $ — $ — $ — $ —
$ 4 $ 2,484 Operating (loss) income $ (717 ) $ 660 $
274 $ 49 $ 16 $ 21 $ 303 Interest and other expense, net 50 — (37 )
— — — 13 Loss on early extinguishment of debt 26 — (26 ) — —
— — (Loss) income before income taxes (793 ) 290
Income tax (benefit) expense (68 ) (68 ) Adjustments — 171
Adjusted income tax (benefit) expense (68 ) 103
Net (loss) income $ (725 ) $ 187 Effective tax
rate 8.6 % 35.5 % (Loss) income per common share: Basic
earnings per common share $ (1.12 ) $ 0.29 Diluted earnings per
common share $ (1.12 ) $ 0.29 Weighted average common shares
outstanding 647 647 Effect of dilutive securities — 4
Weighted average common shares outstanding assuming dilution. 647
651
13 Weeks Ended
August 1, 2015 GAAP
Restructuringcharges
Impairment of longlived assets
&accelerateddepreciation
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
Restructuringcharges
Impairment oflong-lived
assets& accelerateddepreciation
Gain on saleof 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
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 Business Advantage Sales Growth
Second quarter offiscal
2016
GAAP sales growth $ 13 GAAP sales growth 0.7 % Impact of
divestiture and changes in foreign exchange rates $ 31
Non-GAAP sales growth $ 44 Non-GAAP sales growth 2.5 %
13 Weeks Ended July 30, 2016
Sales GrowthGAAP
Impact
ofLocalCurrency
Sales Growth on aLocal
CurrencyBasis
Sales: North American Commercial (0.2 )% (0.2 )% — % North
American Stores & Online (5.7 )% (0.8 )% (4.9 )% International
Operations (7.5 )% (3.6 )% (3.9 )% Total sales (3.7 )% (1.0 )% (2.7
)%
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.
13 Weeks EndedJuly 30,
2016
GAAP sales growth (3.7)% Impact of change in exchange rates (1.0)%
Impact of store closures (0.6)% Impact of divestitures (0.5)%
Non-GAAP sales growth (1.6)%
STAPLES, INC. AND
SUBSIDIARIES
Reconciliation of Free Cash Flow
Disclosures
(Amounts in Millions)
(Unaudited)
26 Weeks Ended July 30, 2016 August
1, 2015 Net cash provided by operating activities $ (11 ) $ 300
Acquisition of property and equipment (102 ) (138 ) Free cash flow
$ (113 ) $ 162
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160817005415/en/
Staples, Inc.Media Contact:Bill Durling,
508-253-2882Investor Contact:Chris Powers/Scott Tilghman,
508-253-4632/1487
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