May 20, 2008
Rapid Expansion Bolsters Staples Q1 Profit
By Eileen Kennedy
Staples Inc. of Framingham increased its sales and profits for the first quarter of 2008, although comparable store sales in North America decreased six percent.
The office supply company saw sales of $4.9 billion in the first quarter, compared to $4.6 billion during the same time last year. Net income for the quarter was $212 million, a 2 percent increase over the same time last year when it was $209.1 million.
The comparable store sales in North America decreased 6 percent in the first quarter, compared to the same period last year, with the company citing customer traffic declines and order size decreases.
Staples also opened 35 new stores in North America for a total of 1,773 stores, and reported record first quarter sales of $2.4 billion in North America. It also opened two stores in the United Kingdom and one in Belgium. It also doubled its sales in China over the past year.
The company also expects the weak economy to continue through the rest of 2008, and expects to see mid single-digit sales growth for the year. Its guidance for the year does not include any potential impact from Staples' proposal to acquire all the outstanding stock of Netherlands-based Corporate Express N.V., an office products supplier.
The office supply company saw sales of $4.9 billion in the first quarter, compared to $4.6 billion during the same time last year. Net income for the quarter was $212 million, a 2 percent increase over the same time last year when it was $209.1 million.
The comparable store sales in North America decreased 6 percent in the first quarter, compared to the same period last year, with the company citing customer traffic declines and order size decreases.
Staples also opened 35 new stores in North America for a total of 1,773 stores, and reported record first quarter sales of $2.4 billion in North America. It also opened two stores in the United Kingdom and one in Belgium. It also doubled its sales in China over the past year.
The company also expects the weak economy to continue through the rest of 2008, and expects to see mid single-digit sales growth for the year. Its guidance for the year does not include any potential impact from Staples' proposal to acquire all the outstanding stock of Netherlands-based Corporate Express N.V., an office products supplier.
WBJ Web Partners
Most Recent
Most Recent
0 Comments