Staples, Inc. (Nasdaq:SPLS) a annoncé aujourd'hui ses résultats pour le premier trimestre clos au 30 avril 2011. Les ventes totales de la société ont enregistré une hausse de 2 % par rapport au premier trimestre 2010, atteignant 6,2 milliards de dollars. Le résultat net a augmenté de 5 % en glissement annuel pour atteindre 198 millions de dollars, tandis que les bénéfices dilués par action, sur une base GAAP, ont augmenté de 8 % pour atteindre 0,28 dollar, contre 0,26 dollar au premier trimestre 2010.
Le bénéfice dilué par action s'est élevé à 0,28 dollar au premier trimestre 2011, soit au même niveau que le bénéfice dilué ajusté par action au premier trimestre de l'année dernière. Ces résultats ajustés excluent les frais d'intégration et de restructuration avant impôt de 21 millions de dollars au cours du premier trimestre 2010.
« Nos résultats au premier trimestre témoignent de nos importants progrès dans le cadre de nos initiatives de croissance clés. Nous gagnons en outre des parts de marché en Amérique du Nord, même si nos résultats en pâtissent », déclare Ron Sargent, Chairman et Chief Executive Officer de Staples.
Sur une base GAAP, la marge d'exploitation au premier trimestre 2011 a reculé de 34 points de base, à 5,64 %, par rapport au premier trimestre 2010. En excluant l'impact des frais d'intégration et de restructuration au cours de l'exercice précédent, la marge d'exploitation au premier trimestre 2011 a perdu 69 points de base. Cette baisse s'explique principalement par les investissements engagés pour conquérir des parts de marché en Amérique du Nord et la réduction de l'endettement dans les activités internationales.
La société a généré un flux de trésorerie disponible de 148 millions de dollars après dépenses d'investissement d'un montant de 63 millions de dollars, clôturant le premier trimestre 2011 avec près de 2,2 milliards de dollars de trésorerie, dont 933 millions de liquidités et équivalents de liquidités. La société a versé 500 millions de dollars correspondant à l'arrivée à échéance d'une obligation au 1er avril 2011, et procédé au rachat de 7,1 millions d'actions pour un total de 147 millions de dollars.
North American Delivery
Les ventes de North American Delivery au premier trimestre 2011 se sont élevées à 2,5 milliards de dollars, en hausse de 2 % par rapport au premier trimestre 2010. Le chiffre d'affaires a bénéficié d'un volume important de nouveaux clients, d'un accroissement solide des ventes dans les catégories de produits connexes, telles que les fournitures pour services généraux et espaces de détente, d'une croissance dans les fournitures classiques, y compris le papier, ainsi que de l'effet favorable des taux de change. La marge d'exploitation a diminué de 43 points de base, à 7,84 %, par rapport au premier trimestre 2010. Ce recul traduit principalement la baisse des marges sur les produits et l'augmentation des dépenses de livraison du fait de la hausse des prix du carburant et des investissements dans les systèmes, en partie compensés par la diminution des dépenses générales et administratives et des frais de marketing.
North American Retail
Les ventes de North American Retail au premier trimestre 2011 se sont élevées à 2,3 milliards de dollars, en hausse de 1 % en dollars et en léger recul en monnaie locale par rapport au premier trimestre 2010. Au premier trimestre 2011, les ventes comparables en magasin ont cédé 1 % par rapport au premier trimestre 2010, principalement en raison d'une réduction du nombre de clients dans l'activité Retail au Canada, que vient contrebalancer en partie une hausse de la valeur moyenne des commandes. La marge d'exploitation s'est accrue de 2 points de base, à 7,62 %, par rapport au premier trimestre 2010. Cette augmentation traduit essentiellement une combinaison favorable entre les services et produits technologiques à marge plus élevée, d'une part, et les dépenses de location et d'occupation variables, d'autre part, que vient contrebalancer un accroissement des frais de marketing et des investissements dans la main-d'?uvre en soutien des initiatives de croissance. North American Retail a ouvert cinq magasins et en a fermé quatre, et comptabilise 1 901 magasins en Amérique du Nord à la fin du premier trimestre 2011.
International
Les ventes internationales au premier trimestre 2011 se sont élevées à 1,3 milliard de dollars, en hausse de 4 % en dollars et en baisse de 2 % en monnaie locale par rapport au premier trimestre 2010. La croissance du chiffre d'affaires des activités de livraison en Europe a été contrebalancée par un recul de 11 % des ventes comparables en magasin, ainsi que par une diminution des ventes dans la division des systèmes d'impression et l'activité australienne en monnaie locale par rapport au premier trimestre 2010. La marge d'exploitation s'est accrue de 216 points de base, à 0,71 %, par rapport au premier trimestre 2010. Ce recul résulte en grande partie de la réduction des coûts fixes dans le Retail en Europe et des activités en Australie, ainsi que des investissements engagés pour gagner des parts de marché dans les activités de livraison en Europe. Le Retail en Europe a fermé trois magasins au cours du premier trimestre 2011. L'activité internationale termine le trimestre avec 378 magasins.
Prévisions
Les résultats de la société au premier trimestre ont été plus faibles que prévu. En conséquence, la société adopte une approche plus prudente dans ses prévisions de chiffre d'affaires et de bénéfices. Les prévisions actuelles pour 2011 tablent sur une amélioration très limitée de l'économie, la poursuite de nos investissements dans nos initiatives de croissance et des prix compétitifs sur le segment de marché du Contract. Ces initiatives de ventes, ainsi que notre politique permanente de contrôle des coûts, devraient renforcer nos résultats à terme.
Au deuxième trimestre 2011, nous tablons sur une stabilité voire une légère croissance des ventes par rapport à la même période de 2010, et nous escomptons un bénéfice dilué par action sur une base U.S. GAAP dans une fourchette de 0,18 à 0,20 dollar. Pour l'exercice 2011, nous escomptons une augmentation du chiffre d'affaires inférieure à 5 % par rapport à 2010, ainsi qu'un bénéfice dilué par action sur une base U.S. GAAP dans une fourchette de 1,35 à 1,45 dollar.
En 2011, la société s'attend à générer un flux de trésorerie disponible de plus d'un milliard de dollars à la suite de dépenses d'investissement de près de 400 millions de dollars dans des initiatives de croissance, des systèmes, l'intégration de réseaux de distribution en Amérique du Nord et en Europe, des aménagements et l'ouverture de nouveaux magasins. Pour 2011, la société a revu à la baisse ses précédentes prévisions de 500 millions de dollars de dépenses d'investissement.
Presentation of Non-GAAP Information
This press release presents certain results both with and without the integration and restructuring expense associated with Corporate Express in 2010. This press release also presents certain results both with and without the impact of fluctuations in foreign currency exchange rates. The presentation of results that exclude these items 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. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below. Management believes that the non-GAAP financial measures presented provide a better comparison to prior periods because the adjustments do not affect the on-going operations of the combined businesses. 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 and GAAP as well as non-GAAP results. In addition, Management presents the most comparable GAAP measures ahead of non-GAAP measures and provides a reconciliation that indicates and describes the adjustments made.
Téléconférence de ce jour
Aujourd'hui à 9h00 (ET), la société tiendra une téléconférence afin de procéder à l'examen de ces résultats et des prévisions. Les investisseurs peuvent l'écouter sur http://investor.staples.com.
À propos de Staples
Staples est le premier fournisseur mondial de matériel et de fournitures de bureau et un acteur de choix dans les solutions de bureau. La société fournit ses clients en produits et services et apporte son expertise dans les segments suivants : fournitures de bureau, copie et impression, technologies, services généraux et espaces de détente et mobilier. Staples a inventé le concept d'hypermarché de l'univers bureautique en 1986 et affiche actuellement un chiffre d'affaires annuel de 25 milliards de dollars, se classant au deuxième rang des ventes mondiales par Internet. Avec 90 000 collaborateurs dans le monde entier, Staples fournit des entreprises et des clients de toutes tailles dans 26 pays en Amérique du Nord et du Sud, en Europe, en Asie et en Australie. Le siège du groupe se trouve dans la banlieue de Boston. Plus d'informations à propos de Staples (Nasdaq: SPLS) sur 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. Some of the 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; our growth may strain our operations; we may be unable to continue to enter new markets successfully; our expanding international operations expose us to risk inherent in foreign operations; our effective tax rate may fluctuate; fluctuations in foreign exchange rates could lead to lower earnings; we may be unable to attract 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; our business may be adversely affected by the actions of and risks associated with our third party vendors; our expanded offering of proprietary branded products may not improve our financial performance and may expose us to intellectual property and product liability claims; technological problems may impact our operations; our information security may be compromised; various legal proceedings, third party claims, investigations or audits may adversely affect our business 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.
Les informations financières suivront.
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Consolidated Balance Sheets | ||||||||
(Dollar Amounts in Thousands, Except Share Data) | ||||||||
(Unaudited) | ||||||||
April 30, | January 29, | |||||||
2011 | 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 932,515 | $ | 1,461,257 | ||||
Receivables, net | 1,977,565 | 1,954,148 | ||||||
Merchandise inventories, net | 2,569,364 | 2,359,173 | ||||||
Deferred income tax assets | 296,072 | 295,232 | ||||||
Prepaid expenses and other current assets | 370,419 | 398,357 | ||||||
Total current assets | 6,145,935 | 6,468,167 | ||||||
Property and equipment: | ||||||||
Land and buildings | 1,102,847 | 1,064,981 | ||||||
Leasehold improvements | 1,353,570 | 1,328,397 | ||||||
Equipment | 2,361,181 | 2,287,505 | ||||||
Furniture and fixtures | 1,059,522 | 1,032,502 | ||||||
Total property and equipment | 5,877,120 | 5,713,385 | ||||||
Less accumulated depreciation and amortization | 3,718,524 | 3,565,614 | ||||||
Net property and equipment | 2,158,596 | 2,147,771 | ||||||
Intangible assets, net of accumulated amortization | 524,343 | 522,722 | ||||||
Goodwill | 4,239,947 | 4,073,162 | ||||||
Other assets | 705,032 | 699,845 | ||||||
Total assets | $ | 13,773,853 | $ | 13,911,667 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,288,800 | $ | 2,208,386 | ||||
Accrued expenses and other current liabilities | 1,406,863 | 1,497,851 | ||||||
Debt maturing within one year | 243,576 | 587,356 | ||||||
Total current liabilities | 3,939,239 | 4,293,593 | ||||||
Long-term debt | 1,876,861 | 2,014,407 | ||||||
Other long-term obligations | 683,714 | 652,486 | ||||||
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 908,768,942 shares at April 30, 2011 and 908,449,980 shares at January 29, 2011 | 545 | 545 | ||||||
Additional paid-in capital | 4,374,952 | 4,334,735 | ||||||
Accumulated other comprehensive income (loss) | 207,322 | (96,933 | ) | |||||
Retained earnings | 6,619,649 | 6,492,340 | ||||||
Less: treasury stock at cost, 194,733,754 shares at April 30, 2011 and 187,536,869 shares at January 29, 2011 | (3,935,453 | ) | (3,786,977 | ) | ||||
Total Staples, Inc. stockholders' equity | 7,267,015 | 6,943,710 | ||||||
Noncontrolling interests | 7,024 | 7,471 | ||||||
Total stockholders' equity | 7,274,039 | 6,951,181 | ||||||
Total liabilities and stockholders' equity | $ | 13,773,853 | $ | 13,911,667 | ||||
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Consolidated Statements of Income | ||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | ||||||||
April 30, | May 1, | |||||||
2011 | 2010 | |||||||
Sales | $ | 6,172,938 | $ | 6,057,795 | ||||
Cost of goods sold and occupancy costs | 4,536,545 | 4,438,740 | ||||||
Gross profit | 1,636,393 | 1,619,055 | ||||||
Operating and other expenses: | ||||||||
Selling, general and administrative | 1,270,774 | 1,220,468 | ||||||
Amortization of intangibles | 17,292 | 15,399 | ||||||
Integration and restructuring costs | - | 20,882 | ||||||
Total operating expenses | 1,288,066 | 1,256,749 | ||||||
Operating income | 348,327 | 362,306 | ||||||
Other (expense) income: | ||||||||
Interest income | 2,459 | 1,771 | ||||||
Interest expense | (48,793 | ) | (55,474 | ) | ||||
Other expense | (188 | ) | (631 | ) | ||||
Consolidated income before income taxes | 301,805 | 307,972 | ||||||
Income tax expense | 104,123 | 115,490 | ||||||
Consolidated net income | 197,682 | 192,482 | ||||||
(Loss) income attributed to noncontrolling interests | (563 | ) | 3,712 | |||||
Net income attributed to Staples, Inc. | $ | 198,245 | $ | 188,770 | ||||
Earnings Per Share: | ||||||||
Basic earnings per common share | $ | 0.28 | $ | 0.26 | ||||
Diluted earnings per common share | $ | 0.28 | $ | 0.26 | ||||
Dividends declared per common share | $ | 0.10 | $ | 0.09 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 706,318,119 | 718,795,186 | ||||||
Diluted | 717,402,753 | 732,149,069 | ||||||
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(Dollar Amounts in Thousands) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | ||||||||
April 30, | May 1, | |||||||
2011 | 2010 | |||||||
Operating Activities: | ||||||||
Consolidated net income, including income from the noncontrolling interests | $ | 197,682 | $ | 192,482 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 121,843 | 125,411 | ||||||
Stock-based compensation | 35,396 | 33,765 | ||||||
Excess tax benefits from stock-based compensation arrangements | (387 | ) | (1,185 | ) | ||||
Deferred income tax expense | 28,079 | 14,641 | ||||||
Other | 4,995 | 645 | ||||||
Changes in assets and liabilities: | ||||||||
Decrease in receivables | 48,929 | 11,625 | ||||||
Increase in merchandise inventories | (148,738 | ) | (26,748 | ) | ||||
Decrease in prepaid expenses and other assets | 31,060 | 22,150 | ||||||
Increase (decrease) in accounts payable | 20,861 | (50,833 | ) | |||||
Decrease in accrued expenses and other liabilities | (133,519 | ) | (134,383 | ) | ||||
Increase in other long-term obligations | 4,065 | 5,277 | ||||||
Net cash provided by operating activities | 210,266 | 192,847 | ||||||
Investing Activities: | ||||||||
Acquisition of property and equipment | (62,617 | ) | (48,993 | ) | ||||
Net cash used in investing activities | (62,617 | ) | (48,993 | ) | ||||
Financing Activities: | ||||||||
Proceeds from the exercise of stock options and the sale of stock under employee stock | ||||||||
purchase plans | 4,836 | 17,004 | ||||||
Proceeds from borrowings | 39,799 | 61,079 | ||||||
Payments on borrowings, including payment of deferred financing fees | (536,294 | ) | (36,316 | ) | ||||
Cash dividends paid | (70,936 | ) | (65,238 | ) | ||||
Excess tax benefits from stock-based compensation arrangements | 387 | 1,185 | ||||||
Purchase of treasury stock, net | (148,477 | ) | (3,130 | ) | ||||
Net cash used in financing activities | (710,685 | ) | (25,416 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 34,294 | (867 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (528,742 | ) | 117,571 | |||||
Cash and cash equivalents at beginning of period | 1,461,257 | 1,415,819 | ||||||
Cash and cash equivalents at end of period | $ | 932,515 | $ | 1,533,390 | ||||
STAPLES, INC. AND SUBSIDIARIES | ||||||||
Segment Reporting | ||||||||
(Dollar Amounts in Thousands) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | ||||||||
April 30, | May 1, | |||||||
2011 | 2010 | |||||||
Sales: | ||||||||
North American Delivery | $ | 2,511,646 | $ | 2,462,654 | ||||
North American Retail | 2,328,085 | 2,312,210 | ||||||
International Operations | 1,333,207 | 1,282,931 | ||||||
Total segment sales | $ | 6,172,938 | $ | 6,057,795 | ||||
Business Unit Income: | ||||||||
North American Delivery | $ | 196,850 | $ | 203,516 | ||||
North American Retail | 177,349 | 176,549 | ||||||
International Operations | 9,524 | 36,888 | ||||||
Business unit income | 383,723 | 416,953 | ||||||
Stock-based compensation |
| (35,396 | ) | (33,765 | ) | |||
Total segment income | 348,327 | 383,188 | ||||||
Interest and other expense, net | (46,522 | ) | (54,334 | ) | ||||
Integration and restructuring costs | - | (20,882 | ) | |||||
Consolidated income before income taxes | $ | 301,805 | $ | 307,972 | ||||
STAPLES, INC. AND SUBSIDIARIES | ||||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Consolidated Statement of Income | ||||||||||||||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
13 Weeks Ended | ||||||||||||||||||||
April 30, 2011 | May 1, 2010 | |||||||||||||||||||
Integration and | ||||||||||||||||||||
GAAP | GAAP | Restructuring | Non-GAAP | |||||||||||||||||
As Reported | As Reported % | As Reported | Costs | As Adjusted | As Adjusted % | |||||||||||||||
Sales | $ | 6,172,938 | 100.00 | % | $ | 6,057,795 | $ | - | $ | 6,057,795 | 100.00 | % | ||||||||
Cost of goods sold and occupancy costs | 4,536,545 | 73.49 | % | 4,438,740 | - | 4,438,740 | 73.27 | % | ||||||||||||
Gross profit | 1,636,393 | 26.51 | % | 1,619,055 | 1,619,055 | 26.73 | % | |||||||||||||
Operating and other expenses: | ||||||||||||||||||||
Selling, general and administrative | 1,270,774 | 20.59 | % | 1,220,468 | - | 1,220,468 | 20.15 | % | ||||||||||||
Amortization of intangibles | 17,292 | 0.28 | % | 15,399 | - | 15,399 | 0.25 | % | ||||||||||||
Integration and restructuring costs | - | 0.00 | % | 20,882 | (20,882 | ) | - | 0.00 | % | |||||||||||
Total operating expenses | 1,288,066 | 20.87 | % | 1,256,749 | (20,882 | ) | 1,235,867 | 20.40 | % | |||||||||||
Operating income | 348,327 | 5.64 | % | 362,306 | 20,882 | 383,188 | 6.33 | % | ||||||||||||
Interest and other expense, net | 46,522 | 0.75 | % | 54,334 | - | 54,334 | 0.90 | % | ||||||||||||
Consolidated income before income taxes | 301,805 | 4.89 | % | 307,972 | 20,882 | 328,854 | 5.43 | % | ||||||||||||
Income tax expense | 104,123 | 1.69 | % | 115,490 | 7,831 | 123,321 | 2.04 | % | ||||||||||||
Consolidated net income | 197,682 | 3.20 | % | 192,482 | 13,051 | 205,533 | 3.39 | % | ||||||||||||
(Loss) income attributed to noncontrolling interests | (563 | ) | (0.01 | %) | 3,712 | - | 3,712 | 0.06 | % | |||||||||||
Net income attributed to Staples, Inc. | $ | 198,245 | 3.21 | % | $ | 188,770 | $ | 13,051 | $ | 201,821 | 3.33 | % | ||||||||
Earnings Per Share: | ||||||||||||||||||||
Basic earnings per common share | $ | 0.28 | $ | 0.26 | $ | 0.02 | $ | 0.28 | ||||||||||||
Diluted earnings per common share | $ | 0.28 | $ | 0.26 | $ | 0.02 | $ | 0.28 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 706,318,119 | 718,795,186 | ||||||||||||||||||
Diluted | 717,402,753 | 732,149,069 | ||||||||||||||||||
STAPLES, INC. AND SUBSIDIARIES | ||||||
Reconciliation of GAAP to Non-GAAP Sales Growth | ||||||
(Unaudited) | ||||||
13 Weeks Ended April 30, 2011 | ||||||
Sales Growth on a | ||||||
Sales Growth | Impact of Local | Local Currency | ||||
GAAP | Currency | Basis | ||||
Sales: | ||||||
North American Delivery | 2.0% | (0.5%) | 1.5% | |||
North American Retail | 0.7% | (1.2%) | (0.5%) | |||
International Operations | 3.9% | (6.0%) | (2.1%) | |||
Total sales | 1.9% | (1.9%) | 0.0% | |||
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.
Media :
Owen Davis, 508-253-8468
ou
Investor
:
Laurel Lefebvre/Kevin Barry, 508-253-4080/1487