Staples, Inc. (Nasdaq : SPLS) a annoncé aujourd'hui ses résultats pour le premier trimestre clos au 28 avril 2012. Le total des ventes de la société au premier trimestre 2012 s'élevait à 6,1 milliards de dollars, en recul de 1 % en dollars américains mais stable en devise locale par rapport au premier trimestre 2011. Le revenu net au premier trimestre 2012 a enregistré une baisse de 6 % par rapport à la même période de l'année dernière pour atteindre 187 millions de dollars. Les bénéfices dilués par action, sur une base GAAP, ont reculé de 4 % pour atteindre 0,27 dollar, contre 0,28 dollar au premier trimestre 2011.
Au cours du premier trimestre 2012, la société a enregistré des frais avant impôt d'un montant total de 28 millions de dollars imputés en grande partie à la réduction de ses effectifs en Amérique du Nord, en Europe et en Australie, ainsi qu'au règlement d'un litige contractuel engagé suite à l'acquisition de Corporate Express. Ces dépenses ont impacté de 0,03 dollars environ les bénéfices dilués par action sur une base GAAP réalisés par la société au premier trimestre 2012.
« En Amérique du Nord, nous poursuivons notre dynamique au-delà de la catégorie des fournitures de bureau tandis que la tendance de notre activité à l'international reste relativement faible », déclare Ron Sargent, Chairman and Chief Executive Officer de Staples. « Nous sommes en bonne voie pour atteindre notre objectif de croissance des ventes et des bénéfices au cours de l'année 2012. »
Sur une base GAAP, la marge d'exploitation a atteint 5,21 % au cours du premier trimestre 2012, soit un recul de 43 points de base. Ce résultat s'explique en grande partie par les indemnités de départ enregistrées dans le cadre de la réduction des effectifs, ainsi que par l'allègement des coûts fixes réalisé en parallèle de la baisse des ventes à l'international, en partie compensés par une diminution des dépenses engagées au niveau du marketing et de la chaîne logistique.
La société a généré un flux de trésorerie provenant des activités d'exploitation de 147 millions de dollars et consacré 52 millions de dollars en dépenses d'investissement, ce qui a permis de dégager un flux de trésorerie disponible de 95 millions de dollars au premier trimestre 2012. Elle a reversé 75 millions de dollars à ses actionnaires sous forme de dividendes et racheté 5,9 millions d'actions pour un montant de 93 millions de dollars au cours du premier trimestre 2012. À la fin du premier trimestre, la société disposait de 2,3 milliards de dollars de trésorerie, dont 1,2 milliard de dollars en liquidités et équivalents.
North American Delivery
Les ventes de North American Delivery au premier trimestre 2012 se sont élevées à 2,6 milliards de dollars, soit une hausse de 2 % par rapport à l'exercice précédent. Ce résultat est principalement lié à une croissance à deux chiffres dans le secteur des fournitures pour services généraux et espaces de détente, ainsi qu'à la forte croissance des produits copie et impression et des produits promotionnels. La marge d'exploitation a enregistré une hausse de 3 points de base, à 7,87 %, par rapport au premier trimestre 2011. Cette augmentation traduit essentiellement le renforcement de la chaîne logistique, partiellement contrebalancé par une dépense avant impôt de 8 millions de dollars liée à la réduction des effectifs et au règlement d'un litige contractuel engagé à la suite de l'acquisition de Corporate Express, ainsi qu'une réduction des marges sur les produits.
North American Retail
Les ventes de North American Retail, établies à 2,3 milliards de dollars, sont restées stables dans leur ensemble par rapport au premier trimestre 2011. Les ventes en magasin, en nombre de jours comparables, sont elles aussi restées stables au premier trimestre 2012, dans la mesure où le montant moyen des commandes et la fréquentation client n'ont pas évolué par rapport à l'année précédente. La marge d'exploitation a baissé de 43 points de base, à 7,18 %, par rapport au premier trimestre 2011. Ce recul s'explique en grande partie par une dépense avant impôt de 4 millions de dollars liée à la réduction des effectifs et au règlement d'un litige contractuel entamé suite à l'acquisition de Corporate Express. En partie compensé par la réduction des charges de dépréciation et des dépenses marketing, il reflète également la politique d'investissement régulier mise en place pour soutenir la croissance au-delà de la catégorie des fournitures de bureau. À la fin du premier trimestre 2012, après l'ouverture de quatre nouveaux magasins (3 aux États-Unis et 1 au Canada) et la fermeture de 7 magasins (6 aux États-Unis et 1 au Canada), la société comptait un total de 1 914 magasins en Amérique du Nord..
Opérations internationales
Les ventes de nos activités internationales se sont élevées à 1,2 milliard de dollars au premier trimestre, soit une réduction de 8 % en dollars américains et une baisse de 5 % en devise locale par rapport au premier trimestre 2011. Ces résultats reflètent la faiblesse des ventes en Australie et en Europe, avec notamment un recul de 6 % des ventes en magasin, en nombre de jours comptables, sur le continent européen. La perte d'exploitation a atteint 1,53 %, soit une baisse de 225 points de base par rapport au premier trimestre 2011. Ce recul s'explique en grande partie par une dépense avant impôt de 16 millions de dollars liée à la réduction des effectifs et au règlement d'un litige contractuel entamé suite à l'acquisition de Corporate Express. Il reflète également l'allègement des coûts fixes réalisé en parallèle de la baisse des ventes dans le secteur Retail en Australie et en Europe, ainsi qu'une contraction des marges sur les produits en Europe. À la fin du premier trimestre, après l'ouverture d'un magasin et la fermeture de trois magasins,la société comptait 376 magasins à l'International.
Prévisions
Les prévisions de la société pour l'année 2012 sont confirmés . La société table sur une croissance lente et régulière de l'économie américaine et une faible demande en Europe. En incluant l'impact de la 53e semaine de l'exercice 2012, la société s'attend à enregistrer une croissance de ses ventes légèrement positive, ainsi qu'une progression supérieure à 5 % de son bénéfice dilué par action par rapport au bénéfice dilué ajusté par action de 1,37 dollar en 2011. La société table sur un taux d'imposition effectif de 32,5 % sur l'exercice et s'attend à générer un flux de trésorerie disponible de plus de 1 milliard de dollars en 2012.
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.
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 88 000 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. 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.
Les informations financières suivront.
STAPLES, INC. AND SUBSIDIARIES | ||||||||||||
April 28, | January 28, | |||||||||||
2012 | 2012 | |||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 1,204,521 | $ | 1,264,149 | ||||||||
Receivables, net | 1,953,502 | 2,033,680 | ||||||||||
Merchandise inventories, net | 2,502,834 | 2,431,845 | ||||||||||
Deferred income tax assets | 301,506 | 305,611 | ||||||||||
Prepaid expenses and other current assets | 283,447 | 255,535 | ||||||||||
Total current assets | 6,245,810 | 6,290,820 | ||||||||||
Property and equipment: | ||||||||||||
Land and buildings | 1,040,217 | 1,034,983 | ||||||||||
Leasehold improvements | 1,329,935 | 1,330,373 | ||||||||||
Equipment | 2,491,950 | 2,462,351 | ||||||||||
Furniture and fixtures | 1,089,155 | 1,084,358 | ||||||||||
Total property and equipment | 5,951,257 | 5,912,065 | ||||||||||
Less accumulated depreciation and amortization | 3,920,260 | 3,831,704 | ||||||||||
Net property and equipment | 2,030,997 | 2,080,361 | ||||||||||
Intangible assets, net of accumulated amortization | 439,695 | 449,781 | ||||||||||
Goodwill | 3,996,308 | 3,982,130 | ||||||||||
Other assets | 645,458 | 627,530 | ||||||||||
Total assets | $ | 13,358,268 | $ | 13,430,622 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 2,194,416 | $ | 2,220,414 | ||||||||
Accrued expenses and other current liabilities | 1,274,712 | 1,414,721 | ||||||||||
Debt maturing within one year | 438,115 | 439,143 | ||||||||||
Total current liabilities | 3,907,243 | 4,074,278 | ||||||||||
Long-term debt | 1,595,932 | 1,599,037 | ||||||||||
Other long-term obligations | 759,822 | 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; | 553 | 553 | ||||||||||
Additional paid-in capital | 4,585,976 | 4,551,299 | ||||||||||
Accumulated other comprehensive loss | (297,801 | ) | (319,743 | ) | ||||||||
Retained earnings | 7,311,324 | 7,199,060 | ||||||||||
Less: treasury stock at cost, 232,544,821 shares at April 28, 2012 | (4,511,943 | ) | (4,416,018 | ) | ||||||||
Total Staples, Inc. stockholders' equity | 7,088,109 | 7,015,151 | ||||||||||
Noncontrolling interests | 7,162 | 7,062 | ||||||||||
Total stockholders' equity | 7,095,271 | 7,022,213 | ||||||||||
Total liabilities and stockholders' equity | $ | 13,358,268 | $ | 13,430,622 |
STAPLES, INC. AND SUBSIDIARIES | |||||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||||
(Dollar Amounts in Thousands, Except Per Share Data) | |||||||||||||
(Unaudited) | |||||||||||||
13 Weeks Ended | |||||||||||||
April 28, | April 30, | ||||||||||||
2012 | 2011 | ||||||||||||
Sales | $ | 6,104,825 | $ | 6,172,938 | |||||||||
Cost of goods sold and occupancy costs | 4,495,110 | 4,536,545 | |||||||||||
Gross profit | 1,609,715 | 1,636,393 | |||||||||||
Operating expenses: | |||||||||||||
Selling, general and administrative | 1,276,401 | 1,270,774 | |||||||||||
Amortization of intangibles | 15,258 | 17,292 | |||||||||||
Total operating expenses | 1,291,659 | 1,288,066 | |||||||||||
Operating income | 318,056 | 348,327 | |||||||||||
Other (expense) income: | |||||||||||||
Interest income | 1,651 | 2,459 | |||||||||||
Interest expense | (42,304 | ) | (48,793 | ) | |||||||||
Other expense | (346 | ) | (188 | ) | |||||||||
Consolidated income before income taxes | 277,057 | 301,805 | |||||||||||
Income tax expense | 90,044 | 104,123 | |||||||||||
Consolidated net income | 187,013 | 197,682 | |||||||||||
Loss attributed to noncontrolling interests | (46 | ) | (563 | ) | |||||||||
Net income attributed to Staples, Inc. | $ | 187,059 | $ | 198,245 | |||||||||
Earnings Per Share: | |||||||||||||
Basic earnings per common share | $ | 0.27 | $ | 0.28 | |||||||||
Diluted earnings per common share | $ | 0.27 | $ | 0.28 | |||||||||
Dividends declared per common share | $ | 0.11 | $ | 0.10 | |||||||||
Consolidated comprehensive income | $ | 208,955 | $ | 502,053 | |||||||||
Comprehensive income (loss) attributed to noncontrolling interests | 101 | (447 | ) | ||||||||||
Comprehensive income attributed to Staples, Inc | $ | 208,854 | $ | 502,500 | |||||||||
Weighted average shares outstanding: | |||||||||||||
Basic | 680,245,594 | 706,318,119 | |||||||||||
Diluted | 689,436,849 | 717,402,753 |
STAPLES, INC. AND SUBSIDIARIES | |||||||||||||
13 Weeks Ended | |||||||||||||
April 28, | April 30, | ||||||||||||
2012 | 2011 | ||||||||||||
Operating Activities: | |||||||||||||
Consolidated net income, including income from the noncontrolling interests | $ | 187,013 | $ | 197,682 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation and amortization | 116,530 | 121,843 | |||||||||||
Stock-based compensation | 31,088 | 35,396 | |||||||||||
Excess tax benefits from stock-based compensation arrangements | (179 | ) | (387 | ) | |||||||||
Deferred income tax expense | 10,689 | 28,079 | |||||||||||
Other | 1,916 | 4,995 | |||||||||||
Changes in assets and liabilities: | |||||||||||||
Decrease in receivables | 81,112 | 48,929 | |||||||||||
Increase in merchandise inventories | (64,498 | ) | (148,738 | ) | |||||||||
(Increase) decrease in prepaid expenses and other assets | (51,384 | ) | 31,060 | ||||||||||
(Decrease) increase in accounts payable | (30,234 | ) | 20,861 | ||||||||||
Decrease in accrued expenses and other liabilities | (142,755 | ) | (133,519 | ) | |||||||||
Increase in other long-term obligations | 7,559 | 4,065 | |||||||||||
Net cash provided by operating activities | 146,857 | 210,266 | |||||||||||
Investing Activities: | |||||||||||||
Acquisition of property and equipment | (52,077 | ) | (62,617 | ) | |||||||||
Net cash used in investing activities | (52,077 | ) | (62,617 | ) | |||||||||
Financing Activities: | |||||||||||||
Proceeds from the exercise of stock options | 4,501 | 4,836 | |||||||||||
Proceeds from borrowings | 25,153 | 39,799 | |||||||||||
Payments on borrowings | (19,836 | ) | (536,294 | ) | |||||||||
Purchase of noncontrolling interest | (688 | ) | - | ||||||||||
Cash dividends paid | (74,749 | ) | (70,936 | ) | |||||||||
Excess tax benefits from stock-based compensation arrangements | 179 | 387 | |||||||||||
Purchase of treasury stock, net | (95,925 | ) | (148,477 | ) | |||||||||
Net cash used in financing activities | (161,365 | ) | (710,685 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 6,957 | 34,294 | |||||||||||
Net decrease in cash and cash equivalents | (59,628 | ) | (528,742 | ) | |||||||||
Cash and cash equivalents at beginning of period | 1,264,149 | 1,461,257 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,204,521 | $ | 932,515 |
STAPLES, INC. AND SUBSIDIARIES | |||||||||||||||
Segment Reporting | |||||||||||||||
(Dollar Amounts in Thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
13 Weeks Ended | |||||||||||||||
April 28, | April 30, | ||||||||||||||
2012 | 2011 | ||||||||||||||
Sales: | |||||||||||||||
North American Delivery | $ | 2,555,071 | $ | 2,511,646 | |||||||||||
North American Retail | 2,323,831 | 2,328,085 | |||||||||||||
International Operations | 1,225,923 | 1,333,207 | |||||||||||||
Total segment sales | $ | 6,104,825 | $ | 6,172,938 | |||||||||||
Business Unit Income (Loss): | |||||||||||||||
North American Delivery | $ | 200,959 | $ | 196,850 | |||||||||||
North American Retail | 166,955 | 177,349 | |||||||||||||
International Operations | (18,770 | ) | 9,524 | ||||||||||||
Business unit income | 349,144 | 383,723 | |||||||||||||
Stock-based compensation | (31,088 | ) | (35,396 | ) | |||||||||||
Interest and other expense, net | (40,999 | ) | (46,522 | ) | |||||||||||
Consolidated income before income taxes | $ | 277,057 | $ | 301,805 |
STAPLES, INC. AND SUBSIDIARIES | |||||||||||||||
Reconciliation of GAAP to Non-GAAP Sales Growth | |||||||||||||||
(Unaudited) | |||||||||||||||
13 Weeks Ended April 28, 2012 | |||||||||||||||
Sales Growth |
Impact of Local |
Sales Growth on a | |||||||||||||
Sales: | |||||||||||||||
North American Delivery | 1.7 | % | 0.2 | % | 1.9 | % | |||||||||
North American Retail | (0.2 | %) | 0.5 | % | 0.3 | % | |||||||||
International Operations | (8.0 | %) | 3.0 | % | (5.0 | %) | |||||||||
Total sales | (1.1 | %) | 0.9 | % | (0.2 | %) | |||||||||
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.
Reconciliation of Operating Cash Flow to Free Cash Flow | |||||||||||||
(Dollar Amounts in Thousands) | |||||||||||||
(Unaudited) | |||||||||||||
13 Weeks Ended | |||||||||||||
April 28, 2012 | April 30, 2011 | ||||||||||||
Net cash provided by operating activities | $ | 146,857 | $ | 210,266 | |||||||||
Acquisition of property and equipment | (52,077 | ) | (62,617 | ) | |||||||||
Free cash flow | $ | 94,780 | $ | 147,649 | |||||||||
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.
Staples, Inc.
Media Contact:
Kirk Saville, 508-253-8530
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Owen
Davis, 508-253-8468
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Investor Contact:
Chris
Powers, 508-253-4632
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Kevin Barry, 508-253-1487