Staples sinks after missing on earnings and revenue

Shares of Staples are down almost 4% in pre-market trading Thursday after missing on both earnings and revenue.

The office supplies retailer reported a net loss of $615 million, or $0.94 per share, for the fourth quarter of 2016 against a profit of $86 million, or 20 cents per share, for the same period last year.

Adjusted non-GAAP earnings came in at $0.25 per share, one cent below the consensus estimate.

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Total sales stood at $4.6 billion, a drop of 3% from the same period last year, and below the Wall Street estimate of $5 billion.

"Our fourth quarter results were right in-line with our expectations," Staples chief executive officer Shira Goodman said. "I'm increasingly confident that we have the right plan and the right team to transform Staples and get back to sustainable sales and earnings growth."

The company offered EPS guidance of $0.15 to $0.18 for the first quarter of 2017, with the consensus estimate at $0.17.

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