Staples reports EPS in-line, misses on revs; reaffirms FY14 EPS guidance, revs guidance (15.34) 11/20/2013 6:07:26 AM ET Reports Q3 (Oct) earnings of $0.42 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues fell 3.8% year/year to $6.11 bln vs the $6.18 bln consensus.
Third quarter 2013 total company sales growth was negatively impacted by one percent due to 107 store closures in North America and Europe during the 12 months preceding the third quarter of 2013. The foreign exchange impact from the stronger U.S. dollar also negatively impacted total company sales growth by one percent during the third quarter of 2013.
Q3 Comps North America -3% - reflecting a three percent decline in traffic and flat average order size versus the prior year Europe -2% - modest declines in both traffic and average order size. Guicance: Co reaffirms guidance for FY14, sees EPS of $1.21-1.25, excluding non-recurring items, vs. $1.23 Capital IQ Consensus Estimate; sees FY14 revs of low single digit decline vs. $23.37 bln Capital IQ Consensus Estimate.
The company expects to generate more than $900 mln of free cash flow and plans to continue repurchasing its common stock through open-market purchases during 2013.