Staples Inc (SPLS.OQ)
7 Dec 2016
Latest Key Developments (Source: Significant Developments)
Office Depot Inc: Office Depot Inc announces third quarter 2016 results . Q3 adjusted earnings per share $0.16 from continuing operations . Q3 earnings per share $0.61 from continuing operations . Q3 earnings per share $0.08 . Q3 same store sales fell 2 percent . Q3 earnings per share view $0.15 -- Thomson Reuters I/B/E/S . Q3 sales $2.8 billion versus I/B/E/S view $3.49 billion . Office Depot Inc - streamlining operations to focus on North American business . North American retail division sales were $1.5 billion in q3 of 2016 compared to $1.6 billion in prior year period . Total company sales in q4 of 2016 are expected to be lower than 2015 . Office Depot Inc says as announced on August 3, 2016, company is proceeding with a second phase of U.S. retail store optimization plan. . "We are recovering quickly from disruption caused by protracted staples acquisition attempt" . Total capital expenditures in 2016 are now estimated to be approximately $120 million . Qtrly North American retail division same-store sales in quarter declined 2% . Office Depot Inc says second phase of US retail store optimization plan includes closing approximately 300 stores over next three years . Office Depot - estimates it will incur a total of approximately $125 million in one-time costs and capital expenditures to implement cost saving programs. Full Article
Staples Inc : During q1, recorded restructuring charges of $11 million primarily related to lease obligations for closed retail stores - sec filing . Expects payments related to employee related liabilities to be substantially completed by end of q1 2017 . Anticipates that payments related to facility lease obligations will be completed by the end of fiscal year 2025 . As a result of the sale of staples printing solutions, the company plans to settle sps's pension obligations and terminate its pension plan .To recognize aggregate losses of about $17 - $22 million during q3, q4 of 2016 as staples printing solutions-related settlements occur. Full Article
Office supplies retailer Staples Inc said it would sell a controlling stake in its European business to private equity firm Cerberus Capital Management LP for 50 million euros ($53.65 million) to focus on its North American operations.