Staples announces Q2 performance

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August 26, 2009

Special report The Glasgow Daily Times Wed Aug 26, 2009, 11:03 AM CDT

FRAMINGHAM, Mass. — Staples, Inc. (Nasdaq: SPLS) announced Tuesday the results for its second quarter ending Aug. 1. Total company sales increased nine percent to $5.5 billion compared to second quarter 2008 sales of $5.1 billion, which included $673 million of Corporate Express sales for the month of July 2008.

For the second quarter of 2009, on a GAAP basis, net income attributed to Staples, Inc. declined 38 percent year over year to $92 million, and diluted earnings per share decreased 38 percent to $0.13, from the $0.21 achieved in the second quarter of last year.

The company recorded pre-tax integration and restructuring expense of $30 million during the second quarter. Excluding the impact of this expense, adjusted earnings per share on a diluted basis were $0.16, a decrease of 24 percent from the second quarter of 2008.

“Staples generated record cash flow, as our team did an outstanding job managing expenses and working capital during the second quarter,” said Ron Sargent, Staples’ chairman and chief executive officer. “We’re winning in each of our businesses by providing excellent customer service and continuing to invest in growth initiatives.”

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Staples announces Q2 performance

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