Staples Inc.'s sales dropped for the eighth consecutive quarter, but its profit beat analysts' estimates, as the No. 1 office supplies chain said it is pleased with progress toward its proposed $6.3 billion acquisition of No. 2 Office Depot Inc.
"We've met with the rating agencies and our lenders, and we're in the process of syndicating the debt financing," CEO Ronald Sargent said.
Staples has kicked off its integration planning, and Sargent said he has even greater confidence that it can reach $1 billion-plus in net savings by the end of the third year after the merger.
"This target is net of investments in pricing to provide increased value to our customers," he said.
Staples' fourth-quarter sales of $5.7 billion were down 4 percent from the same period last year; analysts expected $5.76 billion in sales. The company posted a net loss of $260 million, compared to net income of $212 million in the prior year.
Sargent also commented on the move this week by shareholder Starboard Value to push for Staples to "improve the composition" of its board. Staples will add two members of Office Depot's board, and lead independent director Robert Nakasone will be replaced by Paul-Henri Ferrand, Google's vice president of U.S. sales and operations, in June.
"We think he's going to be a terrific addition … as we kind of move from the big-box revolution of 10 to 15 years ago to the digital revolution," Sargent said.
"Certainly I'm not going to apologize for our board, because I think it's been a terrific board for a long time," he said. "It is composed of great diversity in terms of background and experience."
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