Staples, Inc. (NASDAQ:SPLS) Staples Canada has recently revealed that Mary Sagat, Staples Canada Senior Vice President (SVP) of Sales and Operations, will serve as the new President effective September 7.
Sagat’s Appointment
As Staples Canada President, she will oversee the executive offices of Sales and Operations, Merchandising, eCommerce and Marketing, and Business Services.
Steve Matyas, Staples President of North American Retail, took pride in Sagat’s track record of results-oriented leadership. Citing this, Matyas is confident that Staples Canada is competitively under good, thriving governance.
Previously, Sagat had served as the company’s SVP of Finance. She has been with Staples Canada for nearly two decades now.
Q2 Financial Highlights
Last week, Staples has released its earnings report for the second quarter, posting a 3.70% year-over-year decline in consolidated revenue to $4.75 billion from $4.94 billion. North America Commercial sales had accounted for $2.04 billion, which is down year-over-year by 0.20% from $2.05 billion; North America Stores and Online sales had accounted for $1.99 billion, which is down year-over-year by 5.70% from $2.11 billion; and International sales had accounted for $721 million, which is down year-over-year by 7.50% from $780 million.
For the period, the company had an operating income of $128 million, which is up year-over-year from $126 million. The North America Commercial segment had an operating income of $146 million, which is up year-over-year from $138 million; the North America Stores and Online segment had an operating income of $12 million, which is down year-over-year from $28 million; and the International segment had an operating loss of $14 million, which is comparable to an operating loss of $22 million posted during the same period in 2015.
Staples had a net income of $79 million, which is up year-over-year from $76 million. This indicates diluted earnings per share (EPS) of $0.12, which remains flat year-over-year.
Q3, FY 2016 Financial Guidance
The company has also disclosed its guidance for the third quarter, expecting a year-over-year decline in revenue. Meanwhile, diluted EPS is expected to come between $0.32 and $0.35.
For the fiscal year (FY) 2016, Staples is expecting a free cash flow of about $600 million.
Life Clips Inc (OTCMKTS:LCLP) Continues To Acquire Distribution Deals
Life Clips Inc (OTCMKTS:LCLP) has been quite busy this month, as the company announced a series of distribution agreements, for its Mobeego brand of products, both on a national and international level. Moreover, LCLP recently announced that it plans to up-list to NASDAQ and has already secured financing of $7.8 million, to help it do so. Most recently, the company announced that it had engaged with Toys R Us, to test market Mobeego, in 20 out of 81 stores across Canada, with the potential of expanding to all 81 stores, upon positive results. This also marked as one of the first deals for the company, which was in accordance with its strategy to target and then place its products, in Big Box retail outlets.
However, the most encouraging news from LCLP was that it had secured a total of $1.67 million, in annual revenues, through international distribution agreements. This was made possible through three international distribution agreements, for Spain, Chile and Portugal, all signed during the month of August.
