Staples Q2 Profit Slips; Revises FY13 Targets - Quick Facts

(RTTNews) - Office supplies retailer Staples, Inc. (SPLS) posted lower second-quarter income attributable to the company of $102.53 million, or $0.16 a share, versus last year's $120.43 million, or $0.18 a share. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.18 for the quarter. Analysts' estimates typically exclude one-time items.

Total company sales for the period were $5.3 billion, down two percent, compared with $5.43 billion in the second quarter of 2012, adversely impacted by nearly one percent due to 103 store closures in North America and Europe in the year preceding the second quarter of 2013. Analysts estimated revenues of $5.37 billion for the quarter.

Because of weaker than anticipated quarterly results, the firm is adjusting its sales and earnings outlook. The company now expects full-year 2013 sales to drop in the low single-digits compared to 2012 sales on a 52 week basis of $23.9 billion, and earnings per share from continuing operations to be in the range of $1.21 - $1.25. Analysts project annual earnings of $1.32 a share.