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Staples Inc. on Friday posted quarterly results that fell short of expectations set by Wall Street analysts. The office supplies retailer in the fourth quarter swung to a profit of $86 million, or 13 cents. A year ago, Staples lost $260 million, or 41 cents a share. Adjusted earnings for the most recent period were 26 cents a share. Sales fell 6.9% to $5.23 billion from $5.66 billion a year earlier. Analysts polled by FactSet had expected adjusted earnings of 28 cents a share, on sales of $5.4 billion. Staples, which is working on its merger with Office Depot, said quarterly same-store sales fell 2%. Sales at the Staples.com site rose 1%, the company said. “While our Q4 results came in at the lower end of our expectations, we continued to make good progress on many of our key initiatives, and we have a solid plan to get back to earnings growth in 2016,” said Staples Chief Executive Ron Sargent in a statement. Shares of Staples were inactive ahead of the opening bell Friday.

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Closeout retailer Big Lots Inc. on Friday reported fiscal fourth-quarter net income of $94.5 million, up from its year-ago result of $94.4 million. Adjusted income from continuing operations came in at $2 per share, above the $1.98 expected by analysts polled by FactSet. Quarterly revenue fell to $1.58 billion, down from $1.59 billion and below forecasts for $1.60 billion. Big Lots also announced a $250 million stock buyback program and an 11% increase in its quarterly cash dividend. Shares were inactive in premarket action.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Line Corp. is hoping to achieve a dual-listing in New York and Tokyo before the summer, said an International Financing Review report on Friday citing unnamed sources familiar with the deal. Line runs a messaging app and is owned by South Korean Internet company Naver Corp. The initial public offering, which could raise between $2 billion and $3 billion, is likely to be a dual-listing on the Tokyo Stock Exchange and on either the New York Stock Exchange or Nasdaq, IFR’s sources said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Line Corp. is hoping to achieve a dual-listing in New York and Tokyo before the summer, said an International Financing Review report on Friday citing unnamed sources familiar with the deal. Line runs a messaging app and is owned by South Korean Internet company Naver Corp. The initial public offering, which could raise between $2 billion and $3 billion, is likely to be a dual-listing on the Tokyo Stock Exchange and on either the New York Stock Exchange or Nasdaq, IFR’s sources said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Facebook Inc. is likely to see its U.K. tax bill rise by millions of pounds after an overhaul by the social media company of its tax structure, the BBC reported Friday. Citing unnamed sources, the BBC said Facebook will stop funneling sales for its big U.K. advertisers via its international headquarters in Ireland. Instead, that revenue will be booked in the U.K., meaning Facebook will be liable for a higher level of corporation tax on related profits, the report said. Facebook is one of several Silicon Valley companies under fire for using a tax structure that allows them to book revenue in low-taxation countries, rather than where the ad is shown.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News