Staples Inc. , a leading retailer of office products and services, released second-quarter fiscal 2016 results, wherein adjusted earnings of 12 cents per share was in line with the Zacks Consensus Estimate and flat year over year.

Earnings Estimate Revision: The Zacks Consensus Estimate for Staples has remained stable in the last 30 days. In the trailing four quarters, including the quarter under review, the company has an average negative surprise of 0.2%.

Revenues: Staples’ total sales declined 3.7% year over year to $4,752 million but marginally surpassed the Zacks Consensus Estimate of $4,750 million. On a currency neutral basis as well as excluding the impact of North American store closures and sale of Staples Print Solutions, sales fell 2%.

For third-quarter fiscal 2016, the company anticipates sales to fall compared with the prior-year quarter, while adjusted earnings per share are projected in the range of 32–35 cents. The company’s earnings guidance excludes any potential charges related to its strategic plans, including restructuring and other initiatives as well as the exploration of the strategic alternatives for its European operations.

Zacks Rank: Currently, Staples carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Check back later for our full write up on Staples’ earnings report!

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