SPLS) reported a sharp decline in its second quarter results. Revenue fell 6.6% year-over-year to $5.5 billion, slightly worse than the Street expected. Earnings tumbled 25% to $0.18 per share compared to consensus expectations that called for a much smaller decline. The firm also slashed its fiscal year 2012 revenue outlook to flat revenue growth from low-single-digit expansion. Additionally, the company reduced its full-year earnings outlook to low-single-digit growth (was high single digits), despite an additional operating week during the year.
Europe was notably weaker than North America, as same-store sales fell 9% and total international sales dropped 18% (10% in constant currencies).