|Staples, Inc. Announces New $1.5 Billion Share Buyback|
FRAMINGHAM, Mass.--(BUSINESS WIRE)--June 14, 2007--Staples, Inc., (Nasdaq: SPLS) announced today that its board of directors authorized the repurchase of up to $1.5 billion of its common stock. This new share repurchase program replaces another previously authorized $1.5 billion share repurchase program. Under the previous program, the company had repurchased approximately $1.2 billion of common stock as of June 13, 2007. The new share repurchase program goes into effect during the current quarter and has no expiration date.
"We see significant opportunities for growth," said Ron Sargent, Staples chairman and chief executive officer. "Our strong balance sheet gives us the flexibility to fund our strategic initiatives and, at the same time, continue to return excess cash to shareholders."
Under the new program, the company will repurchase shares in both open market and privately negotiated transactions. The company's management will determine the timing and amount of the transactions based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which permits the company to repurchase shares when it otherwise would be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with the company's stock plans and for other corporate purposes.
Staples, Inc. invented the office superstore concept in 1986 and today is the world's largest office products company. With 74,000 talented associates, the company is committed to making it easy to buy a wide range of office products, including supplies, technology, furniture, and business services. With 2006 sales of $18.2 billion, Staples serves consumers and businesses ranging from home-based businesses to Fortune 500 companies in 22 countries throughout North and South America, Europe and Asia. Headquartered outside of Boston, Staples operates more than 1,900 office superstores and also serves its customers through mail order catalog, e-commerce and contract businesses. More information is available at www.staples.com.
CONTACT: Staples, Inc. Media Contact: Paul Capelli/Owen Davis, 508-253-8530/8468 or Investor Contact: Laurel Lefebvre/Tim Frey, 508-253-4080/4346 SOURCE: Staples, Inc.