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Staples (SPLS) Posts Loss In 3Q, Sales Off

 November 14, 2012 07:09 AM
 


(By Balachander) Staples Inc. (NASDAQ: SPLS) reported a loss for the third quarter amid lower sales. The office products company also backed its forecast for the year.

Non-GAAP earnings per share (EPS) from continuing operations attributable to Staples remained flat at 46 cents, versus consensus estimate of 45 cents.

On a GAAP basis, the company lost 85 cents a share from continuing operations, compared with EPS of 46 cents in the year-ago quarter.

Sales were $6.35 billion, down 2 percent in U.S. dollars and 1.4 percent on a local currency basis. Analysts' expected sales of $6.45 billion. 

[Related -Staples, Inc. (SPLS): How Q3 Earnings Will Fare?]

"During the third quarter we launched a new strategic plan to become the product authority for businesses, restructured our organization, and generated solid earnings excluding charges," said Staples CEO Ron Sargent.

North American Retail sales of $2.6 billion were flat. International sales dropped 12 percent in U.S. dollars.

Looking ahead for the full year, Staples still expects non-GAAP EPS from continuing operations to increase in the low single-digits on flat sales. Analysts expect EPS of $1.36 on sales of $24.77 billion.

SPLS shares, which have been trading between $10.57 and $16.93 over the past year, closed Tuesday's regular trading session at $11.25.

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