Staples, Inc. announced today the results for the fourth quarter and full year ended Feb. 1, 2003. The company achieved a record performance with net income excluding special items of $417 million for the full year, or $0.88 per share, on a diluted basis. Earnings per share grew 33 percent from 2001, excluding special items, or a 65 percent increase on a GAAP basis, despite a difficult business environment. Sales for the year reached $11.6 billion, an eight percent increase compared to 2001, with increasing momentum and profitability gains throughout the year.
“Staples had a phenomenal year that reflects the power of people unified behind a winning strategy,” said Ron Sargent, Staples president and CEO. “The outstanding performance by Staples associates drove record results and advanced our ability to truly make buying office products easy. We now look to build on our momentum, capitalize on the investments we made this past year, and deliver sustainable results going forward.”
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Total company sales for the fourth quarter grew to $3.3 billion, an increase of 14 percent versus the same quarter last year. North American Retail comparable sales increased three percent, up from one percent in the third quarter, continuing the momentum seen throughout the year. Including acquisitions, sales grew 16 percent for North American Delivery and 67 percent for European operations.
Staples’ net income of $165 million for the quarter, or $0.35 per share on a diluted basis, exceeded analyst expectations of $0.33. This is a 21 percent increase over earnings per share of $0.29 reported for the fourth quarter of 2001, excluding special items. On a GAAP basis, fourth quarter earnings per share grew 75 percent.
