Staples Earnings: Surpasses Wall Street Estimates
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Staples Inc. Earnings Cheat Sheet
Results: Reported a loss of $596.3 million (89 cents per diluted share) in the quarter. The retail-miscellaneous had net income of $326.4 million or 47 cents per share in the year-earlier quarter.
Revenue: Fell 2% to $6.35 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Staples Inc. reported adjusted net income of 46 cents per share. By that measure, the company beat the mean estimate of 45 cents per share. It beat the average revenue estimate of $6.19 billion.
The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $120.4 million in the second quarter, a profit of $187.1 million in the first quarter and $283.6 million in the fourth of the last fiscal year.
The company topped expectations last quarter after falling short of forecasts in the second quarter with net income of 18 cents versus a mean estimate of net income of 22 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 46 cents a share to 44 cents over the last ninety days. At $1.36 per share, the average estimate for the fiscal year has fallen from $1.43 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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