(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.
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"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.