Staples, Inc. Announces Second Quarter 2017 Results

Staples, Inc. (Nasdaq: SPLS) (“Staples” or “the company”) announced today the results for its second quarter ended July 29, 2017. Total company sales for the second quarter of 2017 were $3.9 billion, a decrease of three percent compared to the second quarter of 2016. On a GAAP basis, the company reported net income from continuing operations of $63 million, or $0.10 per diluted share, for the second quarter of 2017. Second quarter 2017 results from continuing operations include pre-tax charges of $10 million primarily related to the proposed acquisition of the company by funds managed by Sycamore Partners.

Total company comparable sales for the second quarter of 2017 declined one percent compared to the second quarter of 2016. Excluding the impact of certain charges taken during the second quarter of 2017, the company reported non-GAAP net income from continuing operations of $76 million, or $0.12 per diluted share.

Second Quarter 2017 Highlights
• Grew mid-market sales in Staples Business Advantage, the company’s North American contract business, by 11 percent year over year.
• Improved profitability in North American Retail with operating loss rate down 30 basis points year over year.
• Maintained total company non-GAAP gross profit rate year over year at 25.5 percent.
• Generated $279 million of cash provided by operating activities, and spent $89 million in capital expenditures, resulting in $190 million of free cash flow.
• Ended the second quarter of 2017 with $1.2 billion in cash and cash equivalents.
more detail at:  http://investor.staples.com/phoenix.zhtml?c=96244&p=irol-newsArticle&ID=2295422

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