Staples Inc SPLS
Q3 2012 Earnings Call Transcript

Transcript Call Date 11/14/2012

Operator: Good day, ladies and gentlemen and welcome to the Q3 2012 Staples, Inc. Earnings Conference Call. My name is Sherlyn, and I will be your operator for today. At this time, all participants are on a listen-only mode. We will conduct the question-and-answer session towards the end of this conference. As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Mr. Chris Powers, Director of Investor Relations. Please proceed.

Chris Powers - IR: Thanks, Sherlyn. Good morning, everyone, and thanks for joining us for our third quarter 2012 earnings announcement. During today's call, we will discuss certain non-GAAP metrics to provide investors with useful information about our financial performance. Please see the financial measures and other data section of the Investor Information portion of for an explanation and reconciliation of such measures and other calculations of financial measures that we use to analyze our business.

I'd also like to remind you that certain information discussed on this call constitutes forward-looking statements for purposes of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those discussed or referenced under the heading Risk Factors and elsewhere in Staples' 10-Q filed this morning.

Here to discuss Staples' Q3 performance and business outlook are Ron Sargent, Chairman and Chief Executive Officer; Mike Miles, President and Chief Operating Officer; and Christine Komola, Chief Financial Officer. Also joining us are Demos Parneros, President of U.S. Stores; Joe Doody, President of North American Delivery; and John Wilson, President of Europe. Ron?

Ronald L. Sargent - Chairman and CEO: Thanks Chris, and good morning, everybody. Thanks for joining us today. A few weeks ago, we announced several significant changes to accelerate growth, reshape our business, and better meet the needs of our customers. So, before we get into our third quarter results, I'd like to take a few minutes to share some of the details about the changes that we're making to reinvent our Company.

Today Staples is the world's leading office products company and businesses of all sizes continue to rely on us just as they have for decades. However, (indiscernible) need from us and how they buy from us has been changing. Customers that once only needed paper, ink, and toner now need tablets, smartphones and technology accessories. Customers that shop in our stores now also want the convenience of mobile shopping and fast delivery.

At Staples, we see enormous opportunities in these changing customer needs. Over the past six months our senior leadership team along with our Board have been working hard to identify our best growth opportunities and build a strategic plan to aggressively go after them.

The outcome is a vision that is very simple; every product your business needs to succeed. Now, this vision isn't theoretical. It's powerful because it's based on things that Staples is already doing well. We have deep relationships with more than 10 million business customers who trust the Staples' brands. We have significant buying power and decades of product expertise including our own brand offering. We have world-class delivery capabilities providing next day delivery to 98% of the North American population. We have an expansive retail network and a strong online presence. We have healthy cash flows to invest in growth and most importantly, we have a world-class organization of talented associates dedicated to serving businesses through retail and delivery channels.

Read our Earnings Call Transcript disclaimer.
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