Staples, Inc.(SPLS) reported a net loss of $766MM or $1.18 per share in 2Q16 compared to net income of $36MM or $0.06 per share in 2Q15 hurt by pretax charges of $986MM related to asset impairments and costs associated with the $ODP merger termination. Total company sales were $4.8Bil, down 4% compared to 2Q15.
For 3Q16, $SPLS expects sales to decrease vs. 3Q15. The company expects diluted non-GAAP EPS of $0.32-0.35 in 3Q16. The earnings guidance excludes potential charges related to strategic plans, including restructuring and related initiatives as well as the ongoing exploration of strategic alternatives for the company's European operations.
For 2016, the company expects approx. $600MM of free cash flow excluding the after-tax impact to operating cash flow of approx. $340MM of charges associated with financing for the proposed acquisition of $ODP and costs associated with the termination of the $ODP merger agreement. $SPLS plans to close at least 50 stores in North America in 2016.
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Submitted August 17, 2016 at 05:13PM by jeffery89 http://ift.tt/2bnU6HX
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