Earlier this month, Office Depot reported second-quarter total sales of $3.4 billion, a 10 percent decrease, and a quarterly loss of $58 million. The company reported $0.12 earnings per share for the quarter, hitting the Thomson Reuters consensus estimate of $0.12.
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Staples said it secured more than $50mln of annualized cost savings and closed 15 stores in North America during the quarter.
Revenue decreased 5.4% to $4.94 billion this quarter, compared with $5.22 billion for the fiscal 2014 second quarter. The 50-day moving average is $14.71 and the 200 day moving average is recorded at $16.01.
Check back later for our full write up on Staples’ earnings report!
“Their business, on a standalone basis, is stabilizing”, Chukumba said.
Staples Inc.’s CEO yesterday defended prospects of the No. 1 office supply chain winning federal regulatory approval for its $6.3 billion Office Depot merger.
Staples, Inc. (NASDAQ:SPLS) stock has received a short term price target of $ 18.89 from 9 Analyst. Zacks upgraded Staples from a sell rating to a hold rating in a report on Wednesday, August 12th. Evercore Partners Inc. raised shares of Staples from a “sell” rating to a “hold” rating in a research note on Thursday, July 30th. Staples has an average rating of “Hold” and a consensus target price of $17.88.
Critics of the merger, which would created the nation’s larged office-supply retailer, have said combining the companies would hurt consumers and businesses, especially big companies and governments that buy office supplies via negotiated contracts. The Company provides a collection of products, such as Websites and mobile platforms, online and retail shopping and also a range of print and copy and technology services. It operates in three business segments: Online & North American Stores, North American Commercial and worldwide Businesses.
Staples executives have acknowledged a need to change the way they do business as online competition grows and shoppers buy less of the workplace essentials that used to hold up the company’s bottom line. It serves companies in North America, Europe, Australia, South America and Asia.
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Regulators in Australia, China and elsewhere have approved the deal, though investigators at the U.S. Federal Trade Commission are still asking the company and its competitors for more information.
