S&P stabilizes Staples outlook

S&P said it revised its outlook for Staples Inc. to stable from negative and affirmed all its ratings on the company, including the CCC+ senior unsecured rating.

“We revised the outlook to stable to reflect our expectation that Staples' operating performance will continue to recover. For the second quarter ended July 30, 2022, sales grew over 4% compared with the same period last year because Staples passed on higher inflation-driven costs. S&P Global Ratings-adjusted EBITDA margins increased to 7.3% for the 12-month period ended July 30, 2022, up from 6.7% for the comparable period a year ago, due to expense leverage and benefits from previous cost-cutting actions,” the agency said in a press release.

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