By RTT News, March 06, 2013, 06:19:00 AM EDT
(RTTNews.com) - Staples, Inc. ( SPLS ) reported that its fourth-quarter profit from continuing operations decreased to $89.95 million or $0.14 per share from $283.66 million or $0.41 per share last year. Net income attributed to Staples was $78.06 million or $0.12 per share, compared to $283.59 million or $0.41 per share prior year. Sales rose to $6.57 billion from $6.37 billion last year.
The company's fourth-quarter results include $181 million of pre-tax charges related to European store closures and restructuring, U.S. store closures and accelerated Australia tradename amortization, a $57 million pre-tax charge related to the early extinguishment of debt, as well as a $26 million pre-tax charge related to the termination of the company's existing joint venture agreement in India. The results also include pre-tax income of $83 million related to the extra week in 2012.
Excluding the impact of charges taken during the fourth quarter of 2012, the company reported adjusted net income from continuing operations attributable to Staples of $308 million, or $0.46 per share, compared to $284 million, or $0.41 per share, last year.
On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $6.72 billion for the quarter.
The company expects full year 2013 sales to increase in the low single-digits compared to 2012 sales on a 52 week basis of $23.9 billion. The company expects full year 2013 earnings per share from continuing operations to be in the range of $1.30 to $1.35. Analysts expect the company to report 2013 profit per share of $1.43.
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