Staples Inc. veröffentlicht Ergebnisse für das zweite Quartal 2012

FRAMINGHAM, Massachusetts--()--Staples, Inc. (Nasdaq: SPLS) gab heute die Ergebnisse für das zweite Quartal per 28. Juli 2012 bekannt. Der Gesamtumsatz des Unternehmens im zweiten Quartal 2012 lag bei 5,5 Mrd. USD, ein Rückgang um sechs Prozent in USD und drei Prozent in lokaler Währung verglichen mit dem zweiten Quartal 2011. Der Gewinn je Aktie auf GAAP-Basis einschließlich aller Umtauschrechte sank um 28 Prozent auf 0,18 USD im Vergleich zu 0,25 USD im zweiten Quartal 2011.

Im zweiten Quartal 2011 erhielt das Unternehmen allerdings eine Steuererstattung in Höhe von 21 Mio. USD. Unter Ausschluss der positiven Wirkung dieser Erstattung sank der Gewinn je Aktie einschließlich aller Umtauschrechte um 18 Prozent im Vergleich zu 0,22 USD im Vorjahr.

„Unsere Ergebnisse im zweiten Quartal blieben hinter unseren Erwartungen zurück, was auf eine zurückhaltendere Umsatzentwicklung als erwartet in Nordamerika sowie anhaltend schwache Umsatzzahlen in Europa und Australien zurückzuführen ist“, so Ron Sargent, Vorstandsvorsitzender und CEO von Staples. „Wir konnten unsere starke Position über den Bereich Büromaterial hinaus weiterhin ausbauen, aber diese Verbesserungen wurden durch die schwachen Zahlen bei Computern und im Kernbereich Büromaterial mehr als ausgehoben.“

Die Betriebsergebnisrate sank im zweiten Quartal 2012 um 78 Basispunkte auf 4,00 Prozent. Dieser Rückgang ist insbesondere auf den rückläufigen Fremdkapitalanteil und geringere Produktgewinnmargen zurückzuführen, die durch niedrigere Marketingausgaben ausgeglichen wurden.

Das Unternehmen konnte einen Cashflow aus laufender Geschäftstätigkeit in Höhe von 257 Mio. USD generieren und tätigte Investitionen in Höhe von 126 Mio. USD, woraus sich für das erste Halbjahr 2012 ein freier Cashflow von 131 Mio. USD ergibt. Zudem wurden im zweiten Quartal 2012 12,1 Millionen Aktien im Wert von 159 Mio. USD zurückgekauft. Zum Ende des zweiten Quartals verfügt das Unternehmen über eine Liquidität in Höhe von 2,1 Mrd. USD, davon 1,0 Mrd. USD Barmittel und Gegenwerte.

North American Delivery

Der Umsatz im Geschäftsbereich North American Delivery lag im zweiten Quartal 2012 bei 2,4 Mrd. USD, ein Rückgang um ein Prozent in USD und ein unverändertes Ergebnis in lokaler Währung verglichen mit dem zweiten Quartal 2011. Dies ist insbesondere auf den bereits angekündigten Verlust von zwei großen Vertragskunden im dritten Quartal 2011 zurückzuführen, der vom Wachstum in den Bereichen Ausstattung von Büros und Pausenräumen sowie Werbeprodukte ausgeglichen wurde. Die Betriebsergebnisrate sank im Vergleich zum zweiten Quartal 2011 um 72 Basispunkte auf 7,70 Prozent. Dieser Rückgang ist insbesondere auf geringere Produktgewinnmargen und Investitionen in Wachstumsinitiativen in Staples.com, teilweise ausgeglichen durch reduzierte Marketingkosten, zurückzuführen.

North American Retail

Im Bereich North American Retail sank der Umsatz im Vergleich zum zweiten Quartal 2011 um drei Prozent auf 2,0 Mrd. USD. Die vergleichbaren Filialumsätze sanken im zweiten Quartal 2012 ebenso wie die Kundenfrequenz um zwei Prozent, während das durchschnittliche Auftragsvolumen im Vergleich zum Vorjahr unverändert blieb. Der geringere Umsatz bei Computern, Software und Computerzubehör wurde zum Teil vom Wachstum in den Bereichen Druck- und Kopierdienste, Mobiltelefone und Zubehör sowie Ausstattung von Büros und Pausenräumen ausgeglichen. Die Betriebsergebnisrate sank im Vergleich zum zweiten Quartal 2011 um 59 Basispunkte auf 4,44 Prozent. Dieser Rückgang ist insbesondere auf die Reduzierung des Fremdkapitalanteils zurückzuführen, teilweise ausgeglichen durch höhere Produktgewinnmargen und geringere Marketingausgaben. Im zweiten Quartal wurden in den USA vier Filialen eröffnet und fünf geschlossen, in Kanada wurden zwei Filialen eröffnet, sodass am Ende des zweiten Quartals 2012 in Nordamerika insgesamt 1.915 Filialen in Betrieb sind.

International Operations

Der Umsatz im Bereich International Operations lag im zweiten Quartal 2012 bei 1,1 Mrd. USD, ein Rückgang um 18 Prozent in USD und zehn Prozent in lokaler Währung verglichen mit dem zweiten Quartal 2011. Diese Ergebnisse spiegeln den schwachen Umsatz in Australien und Europa wider. Die schwache Wirtschaft führte zu einem Rückgang im Bereich European Delivery sowie einer Abnahme der vergleichbaren Filialumsätze in Europa um neun Prozent. Im Vergleich zum zweiten Quartal 2011 sank die Betriebsergebnisrate um 325 Basispunkte – ein operativer Verlust von 2,01 Prozent. Dieser Rückgang ist insbesondere auf die Reduzierung des Fremdkapitalanteils in Europa und Australien sowie geringere Produktgewinnmargen in Europa zurückzuführen. Im zweiten Quartal schloss das Unternehmen eine Filiale, sodass Ende des zweiten Quartals 2012 im Bereich International Operations 375 Filialen in Betrieb sind.

Ausblick

Die Ergebnisse waren im zweiten Quartal geringer als erwartet. Daher äußert das Unternehmen inzwischen eine konservativere Umsatz- und Gewinnprognose. Die aktuellen Prognosen für 2012 gehen von einem langsameren Wirtschaftswachstum in den USA und einer anhaltend schwachen Nachfrage in Europa aus. „Wir prüfen zurzeit jeden unsere Geschäftsbereiche detailliert und planen erhebliche Veränderungen zur Verbesserung der Ergebnisse“, so Sargent. „Zudem entwickeln wir einen Plan zur Neuverteilung von Ressourcen, Nutzung der besten Wachstumsmöglichkeiten und Förderung von Kosteneinsparungen.“

Unter Berücksichtigung der 53. Woche im Geschäftsjahr 2012 und des negativen Einflusses der Devisenkurse erwartet das Unternehmen den gleichen Jahresumsatz wie im Vorjahr sowie für das Gesamtjahr einen Anstieg des Gewinns je Aktie einschließlich aller Umtauschrechte im unteren einstelligen Bereich im Vergleich zu 1,37 USD im Jahr 2011. Für das Geschäftsjahr 2012 geht das Unternehmen von einem effektiven Steuersatz von 32,5 Prozent sowie der Generierung eines freien Cashflows von über 1 Mrd. USD aus.

Presentation of Non-GAAP Information

This press release presents certain results for 2011 and 2012 both with and without the impact of fluctuations in foreign currency exchange rates, and certain results without the impact of the 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. Non-GAAP financial measures which have not been reconciled here within, or reconciled in previous public disclosures, are provided below. Management believes that the non-GAAP financial measures better enable management and investors to understand and analyze our performance by providing meaningful information relevant to events of a non-recurring nature that impact 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 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, when first disclosed, management presents the most comparable GAAP measures ahead of non-GAAP measures and provides a reconciliation that indicates and describes the adjustments made. For a reconciliation of previously disclosed non-GAAP financial measures, please see the “Financial Measures and Other Data” section of the Investor Information portion of www.staples.com.

Telefonkonferenz heute

Das Unternehmen hält zur Erklärung dieser Ergebnisse und der Prognosen heute um 8 Uhr (Eastern Time) eine Telefonkonferenz ab. Anleger können die Konferenz unter http://investor.staples.com verfolgen.

Über Staples

Staples ist das weltgrößte Unternehmen für Büroartikel und ein bewährter Anbieter von Bürolösungen. Das Unternehmen bietet Produkte, Dienstleistungen und Know-how im Bereich Büromaterial, Kopieren und Druck, Technologie, Ausstattung von Büros und Pausenräumen sowie Büromöbel an. Staples erfand das Büro-Superstore-Konzept im Jahr 1986 und ist heute mit einem Jahresumsatz von 25 Mrd. USD die Nummer 2 im weltweiten e-Commerce-Geschäft. Mit 88.000 Beschäftigten weltweit bedient Staples Geschäftskunden aller Größen und Verbraucher in 26 Ländern in Nord- und Südamerika, Europa, Asien und Australien. Die Unternehmenszentrale liegt in der Nähe von Boston. Weitere Informationen über Staples (Nasdaq: SPLS) finden Sie unter 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; 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 expanding international operations expose us to risks inherent in foreign operations; failure to manage growth and continue to expand 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; if we are unable to manage our debt, it could materially harm our business and financial condition and restrict our operating flexibility; we could incur significant goodwill impairment charges; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property and product liability claims; 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.

Es folgen die Finanzdaten.

       
 
STAPLES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollar Amounts in Thousands, Except Share Data)
(Unaudited)
     
July 28,
2012
January 28,
2012
ASSETS
Current assets:
Cash and cash equivalents $ 984,666 $ 1,264,149
Receivables, net 1,855,933 2,033,680
Merchandise inventories, net 2,629,598 2,431,845
Deferred income tax assets 297,423 305,611
Prepaid expenses and other current assets   354,324     255,535  
Total current assets 6,121,944 6,290,820
 
Property and equipment:
Land and buildings 1,013,859 1,034,983
Leasehold improvements 1,320,250 1,330,373
Equipment 2,505,464 2,462,351
Furniture and fixtures   1,083,612     1,084,358  
Total property and equipment 5,923,185 5,912,065
Less: Accumulated depreciation   3,952,490     3,831,704  
Net property and equipment 1,970,695 2,080,361
 
Intangible assets, net of accumulated amortization 412,266 449,781
Goodwill 3,861,584 3,982,130
Other assets   626,594     627,530  
Total assets $ 12,993,083   $ 13,430,622  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,236,141 $ 2,220,414
Accrued expenses and other current liabilities 1,198,676 1,414,721
Debt maturing within one year   498,987     439,143  
Total current liabilities 3,933,804 4,074,278
 
Long-term debt 1,542,550 1,599,037
Other long-term obligations 719,976 735,094
 
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
929,462,709 and 683,273,551 at July 28, 2012 and 922,126,579 and 695,743,547 at
January 28, 2012, respectively 558 553
Additional paid-in capital 4,633,946 4,551,299
Accumulated other comprehensive loss (514,791 ) (319,743 )
Retained earnings 7,358,003 7,199,060
Less: Treasury stock at cost, 246,189,158 shares at July 28, 2012
and 226,383,032 shares at January 28, 2012   (4,688,011 )   (4,416,018 )
Total Staples, Inc. stockholders' equity 6,789,705 7,015,151
Noncontrolling interests   7,048     7,062  
Total stockholders' equity   6,796,753     7,022,213  
Total liabilities and stockholders' equity $ 12,993,083   $ 13,430,622  
               
 
STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Dollar Amounts in Thousands, Except Per Share Data)
(Unaudited)
 
13 Weeks Ended 26 Weeks Ended
July 28,
2012
July 30,
2011
July 28,
2012
July 30,
2011
 
Sales $ 5,498,496 $ 5,819,612 $ 11,603,321 $ 11,992,550
Cost of goods sold and occupancy costs   4,071,211     4,279,232     8,566,321     8,815,777  
Gross profit 1,427,285 1,540,380 3,037,000 3,176,773
 
Operating expenses:
Selling, general and administrative 1,192,433 1,246,047 2,468,834 2,516,821
Amortization of intangibles   14,795     16,194     30,053     33,486  
Total operating expenses   1,207,228     1,262,241     2,498,887     2,550,307  
 
Operating income 220,057 278,139 538,113 626,466
 
Other (expense) income:
Interest income 1,450 1,519 3,101 3,978
Interest expense (41,793 ) (41,885 ) (84,097 ) (90,678 )
Other expense     (1,352 )   (369 )   (1,698 )   (557 )
Consolidated income before income taxes 178,362 237,404 455,419 539,209
Income tax expense   57,967     61,104     148,011     165,227  
Consolidated net income 120,395 176,300 307,408 373,982
Loss attributed to noncontrolling interests   (34 )   (138 )   (80 )   (701 )
Net income attributed to Staples, Inc. $ 120,429   $ 176,438   $ 307,488   $ 374,683  
 
Earnings Per Share:
Basic earnings per common share $ 0.18   $ 0.25   $ 0.45   $ 0.53  
Diluted earnings per common share $ 0.18   $ 0.25   $ 0.45   $ 0.53  
 
Dividends declared per common share $ 0.11   $ 0.10   $ 0.22   $ 0.20  
 
Consolidated comprehensive (loss) income $ (96,529 ) $ 59,124 $ 112,426 $ 561,177
Comprehensive loss attributed to noncontrolling interests   (115 )   (48 )   (14 )   (495 )
Comprehensive (loss) income attributed to Staples, Inc $ (96,414 ) $ 59,172   $ 112,440   $ 561,672  
 
Weighted average shares outstanding:
Basic 672,862,462 698,917,409 676,554,028 702,617,764
Diluted 679,124,446 708,671,474 684,280,648 713,037,114
       
 
STAPLES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
(Unaudited)
     
26 Weeks Ended
July 28,
2012
July 30,
2011
Operating Activities:
Consolidated net income, including loss from the noncontrolling interests $ 307,408 $ 373,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 201,555 211,550
Amortization 30,053 33,486
Stock-based compensation 63,130 81,470
Excess tax benefits from stock-based compensation arrangements (179 ) (942 )
Deferred income tax expense 8,707 54,170
Other (4,363 ) 9,901
Changes in assets and liabilities:
Decrease in receivables 143,992 58,957
Increase in merchandise inventories (222,872 ) (276,649 )
Increase in prepaid expenses and other assets (104,641 ) (38,399 )
Increase in accounts payable 41,570 45,794
Decrease in accrued expenses and other liabilities (216,573 ) (264,790 )
Increase in other long-term obligations   8,993     13,634  
Net cash provided by operating activities 256,780 302,164
 
Investing Activities:
Acquisition of property and equipment   (126,220 )   (164,149 )
Net cash used in investing activities (126,220 ) (164,149 )
 
Financing Activities:
Proceeds from issuance of commercial paper, net of repayments 49,998 254,926
Proceeds from the exercise of stock options 24,259 31,559
Proceeds from borrowings 47,243 118,174
Payments on borrowings (75,083 ) (698,631 )
Purchase of noncontrolling interest (4,649 ) -
Cash dividends paid (148,545 ) (140,643 )
Excess tax benefits from stock-based compensation arrangements 179 942
Purchase of treasury stock, net   (271,993 )   (365,203 )
Net cash used in financing activities (378,591 ) (798,876 )
 
Effect of exchange rate changes on cash and cash equivalents (31,452 ) 22,728
 
Net decrease in cash and cash equivalents (279,483 ) (638,133 )
Cash and cash equivalents at beginning of period   1,264,149     1,461,257  
Cash and cash equivalents at end of period $ 984,666   $ 823,124  
               
 
STAPLES, INC. AND SUBSIDIARIES
Segment Reporting
(Dollar Amounts in Thousands)
(Unaudited)
 
13 Weeks Ended 26 Weeks Ended
July 28,
2012
July 30,
2011
July 28,
2012
July 30,
2011
Sales:
North American Delivery $ 2,412,755 $ 2,433,217 $ 4,967,826 $ 4,944,863
North American Retail 1,989,139 2,045,143 4,312,970 4,373,228
International Operations   1,096,602     1,341,252     2,322,525     2,674,459  
Total segment sales $ 5,498,496   $ 5,819,612   $ 11,603,321   $ 11,992,550  
 
Business Unit Income (Loss):
North American Delivery $ 185,767 $ 204,765 $ 386,726 $ 401,615
North American Retail 88,413 102,872 255,368 280,221
International Operations   (22,081 )   16,576     (40,851 )   26,100  
Business unit income 252,099 324,213 601,243 707,936
Stock-based compensation (32,042 ) (46,074 ) (63,130 ) (81,470 )
Interest and other expense, net   (41,695 )   (40,735 )   (82,694 )   (87,257 )
Consolidated income before income taxes $ 178,362   $ 237,404   $ 455,419   $ 539,209  
                   
 
STAPLES, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Income Statement Disclosures
(Dollar Amounts in Thousands)
(Unaudited)
 
13 Weeks Ended
July 28, 2012

Operating
expenses

Operating income

Consolidated
income before
income taxes

Income tax expense

Net income
attributed to
Staples, Inc.

GAAP, as reported $ 1,207,228 $ 220,057 $ 178,362 $ 57,967 $ 120,429  
 
13 Weeks Ended
July 30, 2011

Operating
expenses

Operating income

Consolidated
income before
income taxes

 

Income tax expense

Net income
attributed to
Staples, Inc.

GAAP, as reported $ 1,262,241 $ 278,139 $ 237,404 $ 61,104 $ 176,438
Tax refund   -   -   -   20,800   (20,800 )
Non-GAAP, as adjusted $ 1,262,241 $ 278,139 $ 237,404 $ 81,904 $ 155,638  
 
 
26 Weeks Ended
July 28, 2012

Operating
expenses

Operating income

Consolidated
income before
income taxes

  Income tax expense

Net income
attributed to
Staples, Inc.

GAAP, as reported $ 2,498,887 $ 538,113 $ 455,419 $ 148,011 $ 307,488  
 
26 Weeks Ended
July 30, 2011

Operating
expenses

Operating income

Consolidated
income before
income taxes

 

Income tax
expense

Net income
attributed to
Staples, Inc.

GAAP, as reported $ 2,550,307 $ 626,466 $ 539,209 $ 165,227 $ 374,683
Tax refund   -   -   -   20,800   (20,800 )
Non-GAAP, as adjusted $ 2,550,307 $ 626,466 $ 539,209 $ 186,027 $ 353,883  
           
 
STAPLES, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Sales Growth
(Unaudited)
 
13 Weeks Ended July 28, 2012

Sales Growth

GAAP

Impact of Local
Currency

Sales Growth on a

Local Currency

Basis

Sales:
North American Delivery (0.8)% 0.4% (0.4)%
North American Retail (2.7)% 1.0% (1.7)%
International Operations (18.2)% 8.2% (10.0)%
Total sales (5.5)% 2.4%   (3.1)%
 
26 Weeks Ended July 28, 2012

Sales Growth

GAAP

Impact of Local
Currency

 

Sales Growth on a

Local Currency

Basis

Sales:
North American Delivery 0.5 % 0.3 % 0.8 %
North American Retail (1.4)% 0.8 % (0.6)%
International Operations (13.2)% 5.7 % (7.5)%
Total sales (3.2)% 1.6 % (1.6)%

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 Operating Cash Flow to Free Cash Flow
(Dollar Amounts in Thousands)
(Unaudited)
 
26 Weeks Ended  
July 28, 2012 July 30, 2011
 
Net cash provided by operating activities $ 256,780 $ 302,164
Acquisition of property and equipment   (126,220 )   (164,149 )
Free cash flow $ 130,560   $ 138,015  
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.

Contacts

Media Contact:
Staples, Inc.
Kirk Saville/Owen Davis
508-253-8530/8468
or
Investor Contact:
Staples, Inc.
Chris Powers/Kevin Barry
508-253-4632/1487

Release Summary

Staples, Inc. Announces Second Quarter 2012 Performance

Sharing

Contacts

Media Contact:
Staples, Inc.
Kirk Saville/Owen Davis
508-253-8530/8468
or
Investor Contact:
Staples, Inc.
Chris Powers/Kevin Barry
508-253-4632/1487