Staples Q1 Adj. Profit Meets View; Issues Q2 Outlook - Quick Facts

(RTTNews) - Staples, Inc. (SPLS) reported a first-quarter net income of $59 million or $0.09 per share, compared to $96 million or $0.15 per share, prior year.

The company's first quarter 2015 results on a GAAP basis include pre-tax charges of $45 million related to restructuring and related activities, $22 million of impairment primarily related to certain information technology assets, $15 million related to the acquisition of Office Depot, and a pre-tax gain of approximately $3 million related to the sale of assets.

Adjusted net income for the latest first quarter was $109 million or $0.17 per share, down from $115 million or $0.18 per share in the prior-year period. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.17 for the quarter. Analysts' estimates typically exclude special items.

Sales were $5.26 billion, down 6.9% from $5.65 billion in the comparable quarter last year, while 15 analysts expected revenue of $5.47 billion for the quarter.

Looking ahead to the second quarter of 2015, the company expects non-GAAP earnings per share in the range of $0.11 to $0.13 and sales to decrease versus the second quarter of 2014. Analysts expect the company to report second-quarter earnings per share of $0.11.