Staples, Inc. (NASDAQ:SPLS) was up on Friday following the release of its earnings report for the third quarter of 2016.
Staples, Inc. announced earnings per share of 34 cents for the third quarter of the year. This is one penny down from its earnings per share during the same time last year. However, it matched the earnings per share estimate that Wall Street had for the company in the quarter.
Revenue reported by Staples, Inc. for the third quarter of 2016 was $5.36 billion. The office supply retailer reported revenue of $5.59 billion during the third quarter of 2015. Analysts were expecting SPLS to report revenue of $5.40 billion during the third quarter of 2016.
Net income reported by Staples, Inc. in the third quarter of 2016 was $220 million. This is down from the net income of $226 million that the company reported in the same period of the year prior.
Staples, Inc. has been working to close 50 of its stores in 2016. The company closed 16 stores during the third quarter of 2016. This brings its total number of stores closed in 2016 up to 35, as of the end of the third quarter.
Staples, Inc. noted that it had a total of $2.2 billion in liquidity at the end of the third quarter of the year. This includes $1.1 billion in cash and cash equivalents.
Staples, Inc. also released its outlook for the fourth quarter of 2016 in its recent earnings report. SPLS is expecting earnings per share for the upcoming quarter to range from 23 cents to 26 cents. Wall Street is looking for earnings per share of 26 cents in the fourth quarter of the year.
SPLS stock was up 4% as of Friday morning.
