March 4, 2008
Staples 4Q Revenue Drops 4 Percent
By Matthew L. Brown
Fewer shoppers and sales to small businesses meant a 4 percent drop in North American retail revenue in the fourth quarter for Framingham-based office supply retailer Staples Inc.
And the company said it expects only "mid-single-digit" sales growth in 2008.
Net income also took a hit during the quarter, and dropped 1 percent to $333 million from $336 million in the same period the prior year. The company "expects the weak economic climate to continue through 2008."
Sales for the company's 2007 fiscal year reached $19.4 billion, a 7 percent increase over 2006. Total company net income for the year was $996 million compared to $974 million the previous year. The company announced an annual cash dividend of $0.33 per share for 2008, a 14 percent increase over the dividend paid in 2007.
And the company said it expects only "mid-single-digit" sales growth in 2008.
Net income also took a hit during the quarter, and dropped 1 percent to $333 million from $336 million in the same period the prior year. The company "expects the weak economic climate to continue through 2008."
Sales for the company's 2007 fiscal year reached $19.4 billion, a 7 percent increase over 2006. Total company net income for the year was $996 million compared to $974 million the previous year. The company announced an annual cash dividend of $0.33 per share for 2008, a 14 percent increase over the dividend paid in 2007.
WBJ Web Partners
Most Recent
Most Recent
0 Comments