By Greg Gortz - Featured Journalist and WFR Staff Writer
I like to consider myself a market-savy individual. I keep a watchful eye on the daily high and lows of the DOW, S&P, and of course NASDAQ. I even go as far as to follow the international market – as it seems to be eclipsing our own in terms of ROI at this given time. Even so – we still all make mistakes. I was discussing a particularly poor day with a co-worker of mine over drinks and we got to talking about contingency plans. If, in the event things continue to go south in the market, if the mortgage crisis continues, if I decide to make a few trades online, while slightly buzzed – what then? Well – to be honest – my co-worker and I really didn’t have a contingency plan. Things have been so good for so long and he and I are both so young, we just never had to think about it. So I did a little research on my own – with all the defaults on loans – what were people doing to save their homes? Where were they getting the equity? I found a great website that will offer the Cash advance that many home owners could really use. Maybe it was the night cap I was drinking while doing my research – maybe not – all I know is that my heart was a little warmer knowing that there are Cash advance websites like these out there that can help people who need it most.
Tuesday, March 4, 2008
By Heather Burke
March 4 (Bloomberg) -- Staples Inc., the world's largest office-supplies retailer, said fourth-quarter profit fell 1 percent on lower North American retail sales to small companies and consumers. Net income declined to $333.2 million, or 47 cents a share, from $336.5 million, or 46 cents, a year earlier, Staples said today in a statement. Profit met some analysts' estimates. Revenue for the three months ended Feb. 2 rose less than 1 percent to $5.32 billion. Staples cut its full-year forecast. Sales at U.S. and Canadian stores open at least a year dropped 6 percent. Office-supply retailers' sales slowed as customers concerned about a declining job market and the worst housing slump in a quarter century reduced purchases of copiers and desks. North American sales have also declined at smaller competitors such as Office Depot Inc. ``The environment is hitting everyone pretty hard,'' Walter Todd, who helps manage $800 million for Greenwood Capital Associates LLC in Greenwood, South Carolina, said yesterday in an interview. ``It's all macro-driven.'' The firm held 175,048 Staples shares as of Dec. 31. The retailer predicted a ``mid single-digit'' percentage increase in sales and ``high single-digit'' percentage growth in earnings per share for the year ending next Jan. 31. Staples said in November that it expects earnings per share this year to increase by a percentage in the ``low teens,'' with ``high single-digit'' sales growth.
Staples, based in Framingham, Massachusetts, rose 24 cents, or 1.1 percent, to $22.49 yesterday in Nasdaq Stock Market composite trading. The stock lost 2.5 percent of its value this year through yesterday, compared with a 20 percent decline for Office Depot, the second-largest office-supplies retailer. ``In the context of a tough retail environment, we view Staples as relatively stable,'' Jack Murphy, an analyst at William Blair & Co. in Chicago, wrote yesterday in a research note. He rates Staples shares a ``buy.'' Analysts estimated fourth-quarter profit of 47 cents a share, the average projection of 16 analysts surveyed by Bloomberg. Eleven analysts, on average, estimated sales of $5.4 billion. In November, Staples forecast a ``low double-digit'' sales growth in the fourth quarter, with North American same-store sales unchanged or ``slightly negative.''
Corporate Express Bid
Staples last month made an unsolicited offer to buy Corporate Express NV, the world's biggest distributor of office supplies, for 1.33 billion euros ($2.02 billion). Amsterdam- based Corporate Express rejected the proposal, saying in a statement that it ``significantly'' undervalues the company. The takeover of Corporate Express, whose U.S. sales account for more than half its revenue, would bolster Staples' division that sells office supplies directly to companies. Last week Office Depot said fourth-quarter profit plunged 85 percent. Revenue declined both for the North American retail and direct sales divisions and North American same-store sales dropped 7 percent. Chief Executive Officer Steve Odland said U.S. and U.K. sales this quarter-to-date ``remain sluggish.'' The retailer operates more than 2,000 stores worldwide and sells office supplies in 22 countries.