Staples Plummets on Q4 Results
Shares of office-supplies chain Staples (NASDAQ: SPLS) were lower on Wednesday after the company released its fourth-quarter earnings results prior to the opening bell.
In the last hour of trade, the stock was down around eight percent as the company guided for fiscal 2013 earnings which were below expectations.
Staples reported income from continuing operations in the fourth-quarter of $89.95 million or $0.14 per share, compared to $283.66 million or $0.41 per share, in last year's corresponding period.
On an adjusted basis, net income for the period was $308 million or $0.46 per share, which came in ahead of Wall Street consensus EPS estimates of $0.45 by a penny.
Sales for the quarter were up three percent to $6.568 billion from $6.374 billion last year. This was below analyst's consensus revenue estimates of $6.72 billion.
Looking ahead to fiscal 2013, Staples said that it expects EPS of $1.30 to $1.35. This is below current consensus of $1.43 per share. Sales in the fiscal year are expected to increase in the low single-digits versus 2012 sales of $23.9 billion.
Currently, Wall Street has consensus revenue estimates for Staples of $24.30 billion for the fiscal year.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.