Staples Announced Financial Results for the Fourth Quarter

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Staples, Inc. (NASDAQ: SPLS) announced its financial results for the fourth quarter and full-year 2016. According to the report, the company said that revenues dropped 3% from the $4.7 billion the same period last year to $4.56 billion in the fourth quarter. Earnings declined from the $168 million, or $0.26 per share, to $161 million, or $0.25 per share for the fourth quarter in 2016. The results missed analysts’ estimates of $0.26 per share.

For the full-year 2016, sales of the company declined 3% to $18.2 billion year-over-year. Comparable sales dropped to 1% compared to full year 2015. Staples reported a net loss from continuing operations on a GAAP basis, which was $459 million, or $0.71 per share. On a non-GAAP basis, the company announced a net income from continuing operations, which was $586 million, or $0.9 per diluted share.

“Our fourth quarter results were right in-line with our expectations, and I’m increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth,” Shira Goodman, Chief Executive Officer of Staples, said in the statement.

“I am particularly proud of our ability to grow our delivery business by continuing to enhance our offering and satisfy our business customers,” she said.

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