Staples 2015 Annual Report Download - page 113
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STAPLES B-10
APPENDIX B
STAPLES, INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of Financial Condition and
Results of Operations (continued)
DEFINITION OF COMPARABLE SALES
We refer to comparable sales in our analysis of the results
of operations of our North American Stores & Online
segment. Comparable sales reflect comparable store sales
(as defined below) for our North American retail stores,
plus growth in Staples.com excluding the impact of foreign
currency translation.
DEFINITION OF COMPARABLE STORE SALES
Comparable store sales represents a comparison of sales for
a particular store in the current period with sales for that same
store in the corresponding period in the prior year. Stores
become comparable as of the beginning of the 13th full fiscal
month in which they are open. For stores that we close, the
stores remain comparable through their last full fiscal monthly
period of sales. For relocations, if the new store location opens
within four days of the closure of the old location, and within
a five mile radius of the old location, then the sales for the
new location are compared with the sales for the old location;
otherwise, the old location is treated as a closure and the new
location is treated as an opening of a new store. For foreign
locations, comparable stores sales exclude the impact of
foreign currency translation. Comparable store sales figures
exclude online sales. Transactions at in-store kiosks are
included in comparable store sales if payment is made through
the Company’s point-of-sale systems.
RECENTLY ADOPTED ACCOUNTING
PRONOUNCEMENTS
See Note A in the Notes to the Consolidated Financial Statements for a summary of recently adopted accounting
pronouncements.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
2015 Compared to 2014
Cash provided by operations was $978 million for 2015
compared to $1.0 billion for 2014, a decrease of $65 million.
The decrease was driven by lower net income adjusted for
non-cash expenses, partly offset by favorable changes in
operating assets and liabilities.
Cash used in investing activities was $374 million for 2015
compared to $375 million for 2014, a decrease of $1 million.
Capital spending increased by $20 million year-over-year,
primarily due to investments in our online businesses and
investments aimed at improving the productivity of existing
stores. In 2015, we spent a net $22 million to acquire three
small businesses, which compares with $78 million spent in
2014 for the acquisition of two small businesses. In 2015 and
2014 we received net proceeds of $29 million and $64 million,
respectively, related to the sale of businesses and other assets.