Staples, Inc. Announces Fourth Quarter and Full Year 2016 Performance

Staples, Inc. (Nasdaq: SPLS) announced today the results for its fourth quarter and fiscal year ended January 28, 2017. Total company sales for the fourth quarter of 2016 were $4.6 billion, a decrease of three percent compared to the fourth quarter of 2015. On a GAAP basis, the company reported a net loss from continuing operations of $615 million, or $0.94 per share. Fourth quarter 2016 results from continuing operations include pre-tax charges of $791 million primarily related to goodwill impairment, restructuring costs, and the impairment of long-lived assets.

Total company comparable sales for the fourth quarter of 2016 declined one percent compared to the fourth quarter of 2015. Excluding the impact of charges taken during the fourth quarter of 2016, the company reported non-GAAP net income from continuing operations of $161 million, or $0.25 per diluted share, versus fourth quarter 2015 non-GAAP net income from continuing operations of $168 million, or $0.26 per diluted share.

“Our fourth quarter results were right in-line with our expectations, and I’m increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth,” said Shira Goodman, Staples’ Chief Executive Officer. “I am particularly proud of our ability to grow our delivery business by continuing to enhance our offering and satisfy our business customers.”

For the full year 2016, total company sales decreased three percent to $18.2 billion compared to full year 2015. Total company comparable sales declined one percent versus the prior year.

On a GAAP basis, the company reported a net loss from continuing operations of $459 million, or $0.71 per share, compared to net income of $462 million, or $0.71 per diluted share, in the full year 2015. On a non-GAAP basis, the company reported net income from continuing operations of $586 million, or $0.90 per diluted share, during 2016, compared to $598 million, or $0.93 per diluted share, during the prior year.
more details at:  http://investor.staples.com/phoenix.zhtml?c=96244&p=irol-news&nyo=0

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