Staples Releases Second Quarter 2017 Results
Staples, Inc. has announced financial results for its second quarter, which ended July 29. The Framingham, Massachusetts-based company, which participates in the promotional products industry as Staples Promotional Products (PPAI 108945), reports total sales for the quarter at $3.9 billion, a three-percent decrease from the same period last year.
On a GAAP basis, the company reported net income from continuing operations of $63 million for the quarter. Its non-GAAP net income from continuing operations was $76 million. Continuing operations include pre-tax charges of $10 million primarily related to Staples’ proposed acquisition by Sycamore Partners. Its comparable sales for the second quarter were down one percent compared to second quarter 2016.
Staples Business Advantage, which focuses on mid-market, commercial and enterprise-sized customers, reports 11 percent year-over-year growth. Profitability in its North American retail operations improved, with operating losses down 30 basis points from the same period last year.