Staples (SPLS) Tops Q1 EPS by 1c; Plans to Close 50+ North America Stores in 2016

Staples (NASDAQ: SPLS) reported Q1 EPS of $0.17, $0.01 better than the analyst estimate of $0.16. Revenue for the quarter came in at $5.1 billion versus the consensus estimate of $5.09 billion.

U.S. comps fell 3 percetn, ex. foreign exchange, or 4 percent inclusive of foreign exchange impact.

GUIDANCE:

Staples sees Q2 2016 EPS of $0.11-$0.13, versus the consensus of $0.12.

The company’s earnings guidance excludes costs related to the company’s proposed acquisition of Office Depot and costs associated with the termination of the Office Depot merger agreement, as well as the impact of ongoing store closures. For the full year 2016, the company expects to generate approximately $600 million of free cash flow excluding the impact of payments associated with financing for the proposed acquisition of Office Depot and costs associated with the termination of the Office Depot merger agreement. The company plans to close at least 50 stores in North America in 2016.

For earnings history and earnings-related data on Staples (SPLS) click here.

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