As Staples works to implement a new program taking it away from retail to a more service-oriented and middle-market direct to business format, the company’s income and sales continued to slide in the third quarter of the year.
Net income for the company was down $19 million to $179 million while earnings per diluted share were down 13 percent to 27 cents. Total company sales were down 4.3 percent to $5.36 billion.
Although a year-over-year loss, the company saw huge month-over-month results considering that last quarter the company experienced $766 million in losses.
Part of the rebuild the company is going through includes store closures. In the third quarter of the year, Staples closed 16 stores, with 35 of the planned 50 store closings for the end of the year already complete, according to the earnings report.
The company ended the third quarter of 2016 with $2.2 billion in liquidity, including $1.1 billion in cash and cash equivalents.
