International sales help offset a slowdown in North American stores as Staples Inc reports its fourth quarter results.
Total company net income was relatively flat for quarter ended February 2, the world's largest office-supplies retailer said Tuesday.
Earnings totaled $333 million from $336 million last year, and diluted earnings per share of $0.47 rose two percent compared to the fourth quarter of 2006.
Excluding $370 million of sales recorded during the 14th week in the fourth quarter of 2006, total company sales for the fourth quarter increased eight percent to $5.3 billion compared to the same quarter of 2006, the company said.
This was helped by a favorable currency translation from its overseas operations.
Challenging year
For the fiscal year 2007, total company net income increased to $996 million versus $974 million last year, and diluted earnings per share of $1.38 rose five percent versus 2006.
Excluding the 53rd week of sales in 2006, total company sales increased nine percent versus last year.
North American Retail sales increased three percent, North American Delivery revenues increased 14 percent, and International sales grew 18 percent in US dollars or eight percent in local currency, Staples said.
“We are pleased to deliver profitable growth in what turned out to be a challenging 2007,” said Ron Sargent, Staples’ chairman and chief executive officer. “We have a strong team dedicated to doing the right things for customers while investing in growth ideas.”
March 04, 2008