Staples (SPLS) Q1 Earnings in Line, Sales Lag Estimates
Staples, Inc.SPLS , a leading retailer of office products and services, released first-quarter fiscal 2017 results, wherein adjusted earnings from continuing of 17 cents per share came in line with the Zacks Consensus Estimate, but declined 11% from the year-ago period.
Management projects second-quarter fiscal 2017 adjusted earnings in the range of 10-13 cents a share.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been stable in the last 7 days. In the trailing four quarters (excluding the quarter under review), the company surpassed the Zacks Consensus Estimate by an average of 1.6%.
Revenues: Staples generated total sales of $4,149 million that lagged the Zacks Consensus Estimate of $4,539 million and also declined 4.9% year over year. Comparable-store sales declined 2.6%.
The company closed 18 outlets in North America in fiscal first quarter. Moving ahead, it plans to shut down about 70 stores in North America in fiscal 2017.
Staples, Inc. Price, Consensus and EPS Surprise
Zacks Rank: Staples currently carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Stock Movement: Staples shares are up nearly 2% during pre-market trading hours following the earnings release.
Check back later for our full write up on Staples' earnings report!
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