|Staples Inc. Announces Share Repurchase Program|
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Sept. 20, 2001--Staples Inc. (Nasdaq:SPLS) announced today that its board of Directors has authorized the company to repurchase up to $50 million of its common stock. Shares may be purchased by the company from time to time. The authorization is effective immediately.
Repurchased common shares will be added to the company's treasury shares and may be used for employee benefit and stock option programs, as well as other corporate programs. As of September 20, 2001, Staples has approximately 461 million shares outstanding.
Staples Inc. is an $11 billion retailer of office supplies, furniture, technology and business services to consumers and businesses from home-based businesses to Fortune 500 companies in the United States, Canada, the United Kingdom, Germany, the Netherlands and Portugal. Headquartered outside Boston, Staples invented the office superstore concept and today is the largest operator of office superstores in the world. The company has over 50,000 employees serving customers through more than 1,300 office superstores, mail order catalogs, e-commerce and a contract business. More information about the company is available at http://www.staples.com.
Certain information contained in this news release constitutes forward looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors including risks related to Staples' ability to compete in its highly competitive market, Staples' ability to continue to successfully open new stores, Staples' quarterly operating results being subject to significant fluctuation, Staples' stock price fluctuating based on the expectations of professional securities analysts, the strain on operations due to Staples' rapid growth which can affect operating results, the ability of Staples' foreign operations and Staples.com to become profitable and the ability of Staples to obtain adequate future financing. Additional information concerning these factors is contained in Staples' Annual Report on Form 10-K dated March 15, 2001, which is on file with the Securities and Exchange Commission.