Staples 2002 Annual Report Download

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Table of contents

  • Page 1

  • Page 2
    ... services, including a stronger focus on our high margin copy and print center. We also increased our focus on selling Staples branded product, growing total unit volume, boosting margins, and enhancing customer loyalty. We refined our real estate strategy, transitioning from a focus on new market...

  • Page 3
    ...-store internet access points. Staples Business Delivery, our direct mail and internet business serving small businesses, improved customer retention and increased its operating profit significantly. Our Contract business delivered industry-leading profitability and acquired more than 10,000 new...

  • Page 4
    ... for customers and associates. Working closely with shareholders, consultants, suppliers and environmental non-government organizations, we developed a revolutionary new paper procurement policy, reaffirming our commitment to protect forest resources. Environmentalists commended Staples for...

  • Page 5
    ... Boston, Massachusetts, on June 9, 2003 at 4:00 p.m., local time, to consider and act upon the following matters: (1) To elect five Class 3 Directors to serve for a three-year term expiring at the 2006 Annual Meeting of Stockholders. (2) To approve Staples' Executive Officer Incentive Plan. (3) To...

  • Page 6

  • Page 7
    STAPLES, INC. 500 Staples Drive Framingham, Massachusetts 01702 PROXY STATEMENT For the Annual Meeting of Stockholders on June 9, 2003 This proxy statement is furnished in connection with the solicitation of proxies by the Board of Directors of Staples, Inc. ("We", "Staples" or the "Company") for ...

  • Page 8
    ... Internet or by telephone. Can I change my proxy after I return my proxy card? Yes. Any proxy may be revoked by a stockholder at any time before it is exercised at the Annual Meeting by delivering to our Corporate Secretary a written notice of revocation or a duly executed proxy bearing a later date...

  • Page 9
    ... of the document to you if you write or call the Corporate Secretary at the following address or phone number: 500 Staples Drive, Framingham, Massachusetts 01702, telephone (508) 253-5000. If you want to receive separate copies of the annual report and proxy statement in the future, or if you are...

  • Page 10
    ... "Executive Compensation" below, and (iv) by all current Directors, nominees for Directors and executive officers as a group: Number of shares beneficially owned (1) Shares acquirable within 60 days (2) Percentage of common stock beneficially owned (3) Name of beneficial owner 5% Stockholders...

  • Page 11
    ... B shares. Accordingly, through their ownership of voting common stock and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR. This is based on FMR's Schedule 13G...

  • Page 12
    ... designated by the Board of Directors. Set forth below are the names and certain information with respect to each of the nominees to serve as a Director of Staples. Nominees to Serve as Directors for a Three-Year Term Expiring at the 2006 Annual Meeting (Class 3 Directors) Served as a Director...

  • Page 13
    ... the Incentive Plan, a copy of which is available upon request from our Corporate Secretary and is on file with the Securities and Exchange Commission ("SEC") as an exhibit to our Annual Report on Form 10-K for fiscal 2002. Term of Plan The Incentive Plan will cover five fiscal years, beginning...

  • Page 14
    ... card statistics, customer relations statistics (e.g., number of customer complaints), and delivery response levels. The Compensation Committee believes that disclosure of further details concerning the performance criteria for each Plan Year may be confidential commercial or business information...

  • Page 15
    FISCAL YEAR 2003 EXECUTIVE OFFICER INCENTIVE PLAN BENEFITS Fiscal Year 2003 Target Award (% of 2003 Base Salary) Fiscal Year 2003 Bonus Dollar Value (Minimum/Maximum) Name and Position Ronald L. Sargent ...President & Chief Executive Officer Thomas G. Stemberg ...Chairman & Chairman of the Board ...

  • Page 16
    ... least two meetings of non-employee directors are held each year, facilitating communications between other members of the Board of Directors and the Chairperson of the Board and Chief Executive Officer, chairing the annual performance reviews of the Chairperson of the Board and Chief Executive Of...

  • Page 17
    ... Chairman and Chief Executive Officer of eFunds Corporation, a transaction processing and risk management company, since September 2002. Prior to joining eFunds, Mr. Walsh was Chairman and CEO of Clareon Corporation, a privately held electronic payments provider based in Portland, Maine, from March...

  • Page 18
    ...Barnes is also a Director of Avon Products, Inc., New York Times Company, Sears, Roebuck & Co. and PepsiAmericas. Mary Elizabeth Burton, age 51 Chief Executive Officer of BB Capital, Inc., a retail advisory and management services company, since July 1992. Ms. Burton was Chief Executive Officer of...

  • Page 19
    ... setting the compensation levels of directors and executive officers (subject to ratification by the Board of Directors), providing recommendations to the Board regarding compensation programs, administering our equity incentive, stock purchase and other employee benefit plans and authorizing...

  • Page 20
    ... the date that Performance Accelerated Restricted Stock ("PARS") for any year is awarded to our executive officers, (1) each Outside Director is granted 400 shares of restricted Staples common stock for each regularly scheduled meeting day of the Board of Directors attended by such Director during...

  • Page 21
    ... the reviews and discussions referred to above, the Audit Committee recommended to the Company's Board of Directors (and the Board has approved) that the Company's audited financial statements be included in the Annual Report on Form 10-K for the year ended February 1, 2003 for filing with the SEC...

  • Page 22
    ...fiscal years 2002 and 2001, respectively, for professional services rendered in connection with the audit of our financial statements included in our Annual Report on Form 10-K, quarterly reviews of the financial statements included in each of our reports on Form 10-Q, filing of SEC registration...

  • Page 23
    ...000 or 10% of the total annual salary and bonus for the Senior Executive for each year shown. Represents amounts paid under Staples' Executive Officer Incentive Plan for the relevant fiscal year. We do not intend to pay dividends on the restricted stock grants reported in this column. PARS granted...

  • Page 24
    ...these options were granted to Mr. Anderson for service as an Outside Director in fiscal year 2001 prior to becoming an executive officer of the Company. (19) Reï¬,ects $7,619 for split dollar insurance premiums paid in 2002. (20) Reï¬,ects an award of 52,800 shares of PARS to Mr. Anderson at a per...

  • Page 25
    ... of Employment and Change-in-Control Agreements with Senior Executives." The exercise price is equal to the fair market value per share of Staples common stock on the date of grant. The estimated present values at grant date have been calculated using a Black-Scholes option pricing model, based upon...

  • Page 26
    ... Company Share Option Plan, the 1997 United Kingdom Savings Related Share Option Plan, the Employees' 401(k) Savings Plan and the Supplemental Executive Retirement Plan. EQUITY COMPENSATION PLAN INFORMATION Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights...

  • Page 27
    ...1992 Equity Incentive Plan. We filed the UK Option Plan with the SEC as an exhibit to our Annual Report on Form 10-K for the fiscal year ended January 31, 1998. The UK Option Plan was designed to be approved by the United Kingdom's Department of Inland Revenue so that associates could avoid income...

  • Page 28
    ...of the Company and its subsidiaries. The UK Savings Plan is designed to encourage eligible associates to save money and purchase shares of Staples common stock at a discounted price. We filed the UK Savings Plan with the SEC as an exhibit to our Annual Report on Form 10-K for the fiscal year ended...

  • Page 29
    ... will assume, for an additional two-year period, a part-time position as NonExecutive Chairman. Under the agreement, we will: (1) pay Mr. Stemberg an annual salary and bonus, and grant stock incentive awards, at a level equal to that paid to the Chief Executive Officer during the first two...

  • Page 30
    ... in Staples' Executive Officer Incentive Plan in fiscal 2002 (the "Bonus Plan"). The Bonus Plan provided for the payment of a range of cash bonuses to executive officers based on pre-established objectives relating to company-wide earnings per share, return on net assets, and customer service...

  • Page 31
    ...in May 2003 based on achievement of the fiscal year 2002 earnings per share acceleration target. Mr. Sargent, Staples' Chief Executive Officer, is eligible to participate in the same executive compensation program available to other Staples executives, and his total annual compensation, including...

  • Page 32
    ... year 2002, however, primarily as a result of our Directors and executive officers working through Section 16(a) reporting logistics with the administrators of their Rule 10b5-1(c) Plans, our Directors and executive officers filed a number of late Section 16(a) reports. Based solely on our review...

  • Page 33
    ... return on Staples common stock between January 31, 1998 and February 1, 2003 (the end of fiscal year 2002) with the cumulative total return of (1) Standard & Poor's 500 Composite Index and (2) the Standard & Poor's 500 Retailing Index, which was formerly called the Standard & Poor's Retail Store...

  • Page 34
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  • Page 35
    ... registrant, based on the last sale price of Staples' common stock on August 2, 2002, as reported by Nasdaq, was approximately $6.9 billion. In determining the market value of non-affiliate voting stock, shares of Staples' common stock beneficially owned by each executive officer and director have...

  • Page 36
    ... focus on our sales force, direct mail, and customer loyalty programs and lesser emphasis on circulars. To improve our customer service, we have expanded our training of sales associates, added labor hours to certain store departments and changed our associate bonus plan. North American Retail...

  • Page 37
    ...direct mail catalog business is designed to reach all targeted segments of the office products market seeking the convenience of telephone ordering and free next business day delivery for orders over $50. Staples.com, which began in 1998, is our core electronic marketplace for small businesses, home...

  • Page 38
    ... internet access points. Delivery orders are shipped from our delivery distribution centers and are distributed through dedicated delivery hubs. In some markets, we also deliver products directly from our retail stores. We market Staples Business Delivery through direct mail catalogs, a sales force...

  • Page 39
    ... American delivery business. We also offer over 130,000 additional SKUs to our customers through the internet, including internet access points in our U.S. retail stores. In order to minimize unit costs and selling prices, we sell most products in multi-unit packages. The pack sizes are designed to...

  • Page 40
    ... mass media to more targeted direct marketing and to our loyalty program. Going forward, we intend to focus our marketing message on our brand promise that Staples makes buying office products easy. We also have a naming rights agreement with L.A. Arena Company, LLC, which owns the Staples Center...

  • Page 41
    ... us in terms of pricing strategy and product selection, as well as mass merchants such as Wal-Mart, warehouse clubs, computer and electronics superstores such as Best Buy, and other discount retailers. In addition, both our retail stores and delivery operations compete with numerous mail order firms...

  • Page 42
    ...Contract & Commercial from June 1994 to October 1997. Thomas G. Stemberg, age 54 Mr. Stemberg has served as Chairman of the Board of Directors of Staples since February 1988 and an executive officer of Staples with the title of Chairman since February 2002. Mr. Stemberg founded Staples and was Chief...

  • Page 43
    ...terms expiring on dates between 2003 and 2020. In most instances, we have renewal options at increased rents. Leases for 192 of the existing stores provide for contingent rent based upon sales. Our Framingham, Massachusetts corporate office is owned by us and consists of approximately 650,000 square...

  • Page 44
    ... our 2003 Annual Meeting of Stockholders (the ''Proxy Statement''), which we will file with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year covered by this Report. Item 10. Directors and Executive Officers of the Registrant Certain information required...

  • Page 45
    ... Exchange Act of 1934) as of a date within 90 days of the filing date of this Annual Report on Form 10-K, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the...

  • Page 46
    ... duly authorized, on March 4, 2003. STAPLES, INC. By: /s/ RONALD L. SARGENT Ronald L. Sargent, President and Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on...

  • Page 47
    ...Robert C. Nakasone Director /s/ MARTIN TRUST Martin Trust Director /s/ PAUL F. WALSH Paul F. Walsh Director /s/ JOHN J. MAHONEY John J. Mahoney Executive Vice President, Chief Administrative Officer and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) 13

  • Page 48
    ... with respect to the period covered by this annual report; Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of...

  • Page 49
    ... with respect to the period covered by this annual report; Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of...

  • Page 50

  • Page 51
    ... after taxes) charge relating to costs incurred in connection with the merger with Quill Corporation (''Quill'') and a $49.7 million ($30.1 million after taxes) charge relating to store closure costs. On May 21, 1998, the Company acquired Quill. This transaction has been accounted for using the...

  • Page 52
    ... Arts Press, Inc. (''MAP''). MAP is a leading direct marketer of specialized printed office products and practice-related supplies to medical offices. The acquisition of MAP provides us with an opportunity to sell traditional office products to MAP's customer base and expand Quill's and Staples...

  • Page 53
    ... significant investments to drive sustainable revenue growth by investing in productivity improvements and better processes in such areas as store labor, sales force, marketing and supply chain. Fiscal year 2002 was a year of transformation for us. In executing our Back to Brighton strategy we drove...

  • Page 54
    ... customer acquisition efforts in our delivery businesses. The increase in sales in 2002 also includes positive comparable store sales in our core office product categories, including ink and toner, paper and copiers and business machines, offset by declines in our technology and furniture categories...

  • Page 55
    ... the original store closure plan due to changes in market conditions. Accordingly, we reversed a portion of the charge in the amount of $7.3 million relating to the stores that we did not close. Interest and Other Expense, Net: Net interest and other expense totaled $20.6 million in fiscal 2002, $27...

  • Page 56
    ... statements): (Amounts in thousands) 2001 2002 Increase From Prior Year 2001 Increase From Prior Year 2000 Increase From Prior Year Sales 2002 2000 North American Retail ...North American Delivery ...European Operations ...Total Reportable Segments . . Divested Businesses ...Consolidated Staples...

  • Page 57
    ... Brighton strategy which has shifted our customer mix to more profitable business customers and power users and focused us on emphasizing multiple customer service initiatives, including expanding our training of store associates, adding labor hours to certain departments and changing our bonus plan...

  • Page 58
    ...for us with the beginning of fiscal year 2003. We do not believe the adoption of this statement will have a material impact on our overall financial position or results of operations. In June, 2002, the FASB issued Statement No. 146, ''Accounting for Costs Associated with Exit or Disposal Activities...

  • Page 59
    ...for each new store. In addition, we plan on remodeling up to 50 stores to our Dover format during 2003 at an estimated cost of $400,000 per store. We also plan to continue to make investments in information systems and distribution centers to improve operational efficiencies and customer service. We...

  • Page 60
    ...them for publicly tradable notes. On October 4, 2002, we entered into a $325 million 364-Day Term Loan Agreement (the ''Term Loan'') with a group of commercial banks, with Fleet National Bank acting as agent. We used the Term Loan to finance a portion of the purchase price of the European mail order...

  • Page 61
    ... us in terms of pricing strategy and product selections, as well as mass merchants such as Wal-Mart, warehouse clubs, computer and electronic superstores such as Best Buy, and other discount retailers. In addition, both our retail stores and delivery operations compete with numerous mail order firms...

  • Page 62
    ... our number of stores. We opened 86 stores during fiscal 2002 and currently plan to open up to 110 new stores in fiscal 2003. For our growth strategy to be successful, we must identify and lease favorable store sites, hire and train employees and adapt management and operational systems to meet the...

  • Page 63
    ... consolidated outstanding debt at February 1, 2003 was $1.03 billion. Our consolidated debt may have the effect generally of restricting our flexibility in responding to changing market conditions and could make us more vulnerable in the event of a downturn in our business. In addition, our level of...

  • Page 64
    ... 8 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Financial Statements. APPENDIX C Page Report of Independent Auditors ...Consolidated Balance Sheets-February 1, 2003 and February 2, 2002 ...Consolidated Statements of Income-Fiscal years ended February 1, 2003, February 2, 2002, and February 3, 2001...

  • Page 65
    ... of Directors and Shareholders Staples, Inc. We have audited the accompanying consolidated balance sheets of Staples, Inc. and subsidiaries as of February 1, 2003 and February 2, 2002, and the related consolidated statements of income, stockholders' equity, and cash flows for each of the three years...

  • Page 66
    ... ...Retained earnings ...Less: Staples, Inc. treasury stock at cost, 27,724,578 shares at February 1, 2003, and 27,569,880 shares at February 2, 2002 ...Total stockholders' equity ...Total liabilities and stockholders' equity ...See notes to consolidated financial statements...2002 ... ... (556,812...

  • Page 67
    ... Consolidated Statements of Income (Dollar Amounts in Thousands, Except Share Data) Fiscal Year Ended February 2, 2002 February 1, 2003 February 3, 2001 Sales ...Cost of goods sold and occupancy costs ...Gross profit ...Operating and other expenses: Operating and selling ...Pre-opening ...General...

  • Page 68
    ... for the year ...Purchase of treasury shares ...Other ...Balances at February 2, 2002 ...Issuance of common stock for stock options exercised ...Tax benefit on exercise of options . Contribution of common stock to Employees' 401(K) Savings Plan . Sale of common stock under Employee Stock Purchase...

  • Page 69
    ... of long-term investments ...Acquisition of lease rights ... Net cash used in investing activities ...Financing Activities: Proceeds from sale of capital stock ...Proceeds from borrowings ...Payments on borrowings ...(Repayments) borrowings under receivables securitization agreement Termination of...

  • Page 70
    ... and Canadian business units that sell and deliver office products and services directly to customers, and includes Staples Business Delivery (North American catalog and internet operations), the Company's contract operations (Staples National Advantage and Staples Business Advantage) and Quill. The...

  • Page 71
    .... This discount totaled $1.0 million in fiscal year 2002 and $2.0 million in fiscal year 2001. Due to the short-term nature of the non-interest bearing receivables sold, changes to the key assumptions would not materially impact the recorded loss on the sale of receivables. Private Label Credit Card...

  • Page 72
    ... the six month period following the publication of the catalog in which it appears. Direct catalog production costs included in prepaid and other assets totaled $22.7 million at February 1, 2003 and $22.5 million at February 2, 2002. Total advertising and marketing expense was $559.8 million, $556...

  • Page 73
    ... Costs: Pre-opening costs, which consist primarily of salaries, supplies, marketing and distribution costs, are charged to expense as incurred. Stock Option Plans: Staples accounts for its stock-based plans under Accounting Principles Board Opinion No. 25, ''Accounting for Stock Issued to Employees...

  • Page 74
    ... a net commission revenue at the time of sale for the service plans. In certain states where Staples is the legal obligor, the revenues and direct expenses associated with the sale are deferred and recognized over the life of the service contract, which is typically one to five years. Derivative...

  • Page 75
    ... in the consolidated financial statements since that date. The acquired companies are reported as part of the European Operations segment for segment reporting. The European mail order acquisition allowed Staples to enter the fast-growing office supplies mail order market in France, Italy, Spain...

  • Page 76
    ... Delivery for segment reporting. MAP is a leading direct marketer of specialized printed office products and practice-related supplies to medical offices. The acquisition of MAP provides an opportunity to sell traditional office products to MAP's customer base and expand Quill's and Staples' product...

  • Page 77
    ... and local network services to small and medium sized business customers. NOTE C Asset Impairment and Other Charges During fiscal year 2001, Staples committed to a plan related to workforce reductions and distribution and call center closures. As a result, the Company recognized charges totaling $10...

  • Page 78
    ... model. In connection with this plan, Staples recorded a charge to operating expense of $49.7 million. During the first quarter of fiscal year 2000, management decided not to close several stores that were included in the original store closure plan, due to changes in market conditions. As a result...

  • Page 79
    ... of interest, are included in aggregate annual maturities shown above. In addition to capital leases assumed through acquisitions, Staples entered into new capital lease agreements totaling $0.9 million, $3.7 million and $1.4 million during fiscal years 2002, 2001 and 2000, respectively. Interest...

  • Page 80
    ... of letters of credit were issued against the facility. On October 4, 2002, the Company entered into a $325 million 364-Day Term Loan Agreement (the ''Term Loan'') with a group of commercial banks. The Company used the Term Loan to finance a portion of the purchase price of the European mail order...

  • Page 81
    ... $200 million. Upon maturity of the agreement, scheduled for August 15, 2007, or earlier termination thereof, Staples is entitled to receive $200 million and is obligated to pay 298 million in Canadian dollars. Staples is also entitled to receive semi-annual payments on $200 million at a fixed rate...

  • Page 82
    ... fiscal years 2002, 2001 and 2000, respectively. Letters of credit are issued by Staples during the ordinary course of business through major financial institutions as required by certain vendor contracts. As of February 1, 2003, Staples had open letters of credit totaling $46.7 million. The Company...

  • Page 83
    ... thousands): February 1, 2003 February 2, 2002 Deferred Tax Assets: Deferred rent ...Deferred revenue ...Foreign tax credit carryforwards . Net operating loss carryforwards . Insurance ...Employee benefits ...Merger related charges ...Store closure charge ...Capital loss/asset write-downs ...Other...

  • Page 84
    ... an impairment charge related to the goodwill and fixed assets of Staples Communications. As management was not certain of the ultimate deductibility of these losses no corresponding tax benefit was recognized. In 2002, the Company received approval from the Internal Revenue Service to take an...

  • Page 85
    ... in equal annual installments over four years and expire ten years from the date of grant, subject to earlier termination in the event the optionee ceases to serve as a director. Information with respect to Staples' stock options granted under the above plans is as follows: Number of Shares Weighted...

  • Page 86
    ... sold) by the employee or director until they vest, generally after the end of five years. Such vesting date may accelerate if Staples achieves certain compound annual earnings per share growth over a certain number of interim years. If the employee leaves Staples, or the director ceases to serve as...

  • Page 87
    ...SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE J Employee Benefit Plans (Continued) Plan is available to all United States based employees of Staples who meet minimum age and length of service requirements. Company contributions are based upon a matching formula applied to...

  • Page 88
    ...Canadian business units that sell and deliver office products and services directly to customers, and includes Staples Business Delivery (North American catalog and internet operations), Staples' contract stationer operations (Staples National Advantage and Staples Business Advantage) and Quill. The...

  • Page 89
    ... American Delivery segments are managed separately because the way they market products is different, the classes of customers they service may be different, and the distribution methods used to deliver products to customers is different. The European operations are considered a separate reportable...

  • Page 90
    ... the Office Superstore East, Inc. and Staples Contract & Commercial, Inc., all of which are wholly owned subsidiaries of Staples (the ''Guarantor Subsidiaries''). The term of guarantees is equivalent to the term of the related debt. The following condensed consolidating financial data is presented...

  • Page 91
    ...CONSOLIDATING BALANCE SHEET As of February 2, 2002 (in thousands) Staples, Inc. (Parent Co.) Guarantor Subsidiaries NonGuarantor Subsidiaries Eliminations Consolidated Cash and cash equivalents ...Merchandise inventories ...Other current assets ...Total current assets ...Net property, equipment and...

  • Page 92
    ... $(24,026) CONDENSED CONSOLIDATING STATEMENT OF INCOME For the year ended February 2, 2002 (in thousands) Staples, Inc. (Parent Co.) Guarantor Subsidiaries NonGuarantor Subsidiaries Consolidated Sales Cost of goods sold and occupancy costs ...Gross profit ...Operating and other expenses ...Income...

  • Page 93
    ...STATEMENT OF CASH FLOWS For the year ended February 2, 2002 (in thousands) Staples, Inc. (Parent Co.) Guarantor Subsidiaries NonGuarantor Subsidiaries Consolidated Net cash provided by operating activities Investing Activities: Acquisition of property, equipment and lease rights...115,250) - (115,250)...

  • Page 94
    ... CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended February 3, 2001 (in thousands) Staples, Inc. (Parent Co.) Guarantor Subsidiaries NonGuarantor Subsidiaries Consolidated Net cash provided by operating activities Investing Activities: Acquisition of property, equipment and lease rights...

  • Page 95
    ... for the closing stores, and $10.7 million ($6.6 million after taxes) in other charges related to workforce reductions and distribution center and call center closures (see Note C). (4) Historical earnings per share is omitted for the third and fourth quarter of fiscal year 2001 for Staples RD Stock...

  • Page 96
    ... Scheme 10.4* - Executive Officer Incentive Plan 10.5* - 1997 UK Savings Related Share Option Scheme 10.6* - International Employee Stock Purchase Plan 10.7* - Employment Agreement, dated as of February 3, 2002, by and between the Company and Thomas G. Stemberg 10.8* - Offer Letter, dated August 13...

  • Page 97
    ... Statement on Form S-3 (File No. 333-31249). Incorporated by reference from the Annual Report on Form 10-K for the fiscal year ended February 3, 1996. Incorporated by reference from the Quarterly Report on Form 10-Q for the quarter ended April 29, 1995. A management contract or compensatory plan...

  • Page 98
    ... T. Light Executive Vice President, Staples Business Delivery John J. Mahoney Executive Vice President and Chief Administrative Officer Steven F. Mastrogiacomo Senior Vice President, Merchandise Planning and Inventory Management Steven E. Matyas President, The Business Depot Ltd. - Canada Robert...

  • Page 99
    ... Information Corporate Offices Staples, Inc. 500 Staples Drive Framingham, MA 01702 Telephone: 508-253-5000 Internet address: www.staples.com Investor Information Account Questions Mellon Investor Services is the Transfer Agent and Registrar for the Company's Common Stock and maintains shareholder...

  • Page 100