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Staples 3Q Sales $6.1 Billion
Dec 4, 2013
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Office equipment retailer Staples, Inc. reported sales of $6.1 billion in the third quarter of its fiscal year 2013 - a decrease of 4% from the third quarter of fiscal year 2012. The retailers third quarter ended Nov. 2, 2013.

Sales were impacted by 1% by the closure of 107 stores in North America and Europe in the 12 months preceding the third quarter of fiscal 2013. Foreign exchange rates also negatively impacted total company sales growth by 1%.

GAAP operating income in the quarter was $367 million, compared to a GAAP operating loss of $357 million in 3Q of fiscal 2012.

GAAP income from continuing operations in 3Q fiscal 2013 was $220 million, compared to a GAAP loss from continuing operations in 3Q fiscal 2012 of $569.

"It's been a year since we announced our strategic reinvention, and we're evolving our business to meet the changing needs of customers," said Ron Sargent, Staples chairman and CEO. "We continue to face weak demand for core office supplies, but we're driving growth online and in new categories, while aggressively managing expenses."

In the third quarter the company took a number of steps on its reinvention initiative, including:
* Launched the biggest refresh to Staples.com and Staples.ca since 2005.
* Added data science expertise and a Silicon Valley presence with the acquisition of Runa.
* Increased assortment on Staples.com by nearly 50% with the addition of 70,000 products.
* Rolled out new collaborative contract selling model in North America.
* Achieved 2013 cost reduction goal of $150 million ahead of schedule.
* Continued to aggressively reduce expenses and streamline in Europe.

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