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Staples profit rises 11 percent in 2nd-quarter, but same-store sales decline

Staples profit rises 11 percent in 2nd-quarter, but same-store sales decline

Staples Inc.'s second-quarter profit rose 11 percent as lower sales of items such as office furniture were offset by gains at its copy and print centers.
But the world's biggest office products supplier also said Tuesday it expects to post earnings growth of 15 percent for the full year, at the low end of the 15 percent to 20 percent range it forecast in May.
Framingham, Massachusetts-based Staples reported net income of $178.8 million (euro132.7 million), or 25 cents per share for the three months ended Aug. 4 compared with a profit of $161.2 million, or 22 cents per share, a year earlier.
Sales rose 11 percent to $4.29 billion (euro3.18 billion) from $3.88 billion a year ago.
The most recent quarter's profit were in line with the consensus forecast of analysts surveyed by Thomson Financial, who expected net income of 25 cents per share on revenue of $4.3 billion (euro3.19 billion).
Sales at North American retail stores open at least a year fell 2 percent in the latest quarter, compared with a 4 percent rise a year earlier. Overall North American sales, including sales from newly opened stores, rose 5 percent.
Staples said sales of office supplies and business machines were slow in the quarter, in addition to furniture. Sales were strong for laptop computers, ink and software, in addition to copy and print services.
International sales rose 18 percent, but the gain was a more modest 11 percent accounting for currency fluctuations. International sales at stores open at least a year grew 7 percent.
Staples' office products delivery business posted a 16 percent sales gain in the most recent quarter.


Updated : 2021-10-22 11:16 GMT+08:00