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Staples, Inc. (SPLS)
by Zacks Equity ResearchOctober 11, 2012 | Comments : 0 Recommended this article: ()
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Total sales dropped 6% to $5,498.5 million, and came below the Zacks Consensus Estimate of $5,721 million. Consequently, management lowered its guidance and now expects sales for fiscal 2012 to remain flat compared with the prior year, while the bottom line is expected to increase in low single digits.
We remain cautious about the macroeconomic environment and a sluggish job market, with small businesses and consumers still remaining watchful on their spending. Our target price of $10.50, 7.6X 2012 EPS, reflects this view.