Now THIS is earnings!!!
Tuesday May 18, 6:03 am Eastern Time
Company Press Release
Staples Inc. Reports 24 Percent Increase in First Quarter
Revenue
..Net Income Jumps 47 Percent; Earnings Per Share Increase 38 Percent...
FRAMINGHAM, Mass.--(BUSINESS WIRE)--May 18, 1999-- ..Same-Store Sales Grow 10 Percent for North America, 9
Percent
Company-Wide..
Staples Inc. (NASDAQ:SPLS - news), the pioneer of the office superstore industry, today announced net income of $50.3
million, or $.11 per common share on a diluted basis, for the first quarter which ended May 1, 1999, compared with $34.1
million, or $.08 per common share, on a diluted basis, for the prior year.
Historical data has been restated to reflect the merger with Quill Corporation under the pooling of interests method of
accounting.
Total sales for the quarter rose 24 percent to $2.1 billion from $1.7 billion reported for the same period last year.
Comparable sales in the 763 stores that have been open for more than one year and delivery hubs, increased 9 percent for the
first quarter company-wide, and increased 10 percent for the first quarter in North America.
''We delivered another quarter of outstanding financial performance with double-digit same-store sales growth in our North
American superstores business,'' said Staples Chairman and Chief Executive Officer Thomas G. Stemberg. ''With the launch
of the Quill brand in Europe, aggressive store opening plans and continued investments in e-commerce and service
opportunities, we are preparing for future growth opportunities while achieving best-in-class results.''
In separate press releases issued today, Staples announced two strategic Internet partnerships and investments formed to
spearhead the company's position as a leader in the e-commerce arena. Staples invested $7 million in register.com, one of
the largest single domain name registration services on the Internet. The company also invested $3.5 million in Point.com,
formerly known as Nth Dimension Corporation, the leading web retailer of wireless phones, service plans and acceseries.
Both agreements include extensive marketing initiatives that will drive sales across nearly all Staples sales channels,
including its e-commerce, retail stores and catalog operations.
''These partnerships are designed to make Staples.com the one-stop e-commerce shop for small businesses,'' said Stemberg.
''Internet applications have tremendous potential across all of our businesses and will help us improve customer service
while driving down our costs of doing business. By teaming with leaders in this space, we're able to add incredible value to
our Web site.'' |
