Staples Expects Weaker 2Q Earnings
Framingham-based Staples Inc. said its second quarter earnings scheduled to be reported Sept. 3 will be weaker than expected.
The office supply giant said revenue increased by about 3 percent while sales fell by about 1 percent and same-store sales fell by about 7 percent compared to the second quarter of 2007. The company said less customer traffic and smaller orders led to the weak results.
The company said the weak dollar helped international sales increase by 17 percent, which translates to a 6 percent increase in local currency.
Staples will also report financial results that take into account the $2.7 billion July acquisition of Dutch office supply retailer Corporate Express. Including Corporate Express' July results, Staples expects to report sales growth in the low single digits.
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