Staples Pessimistic On Macro Economy
Sales for Staples Inc., the Framingham-based office retailer, were up 2 percent to $6.2 billion in the first quarter compared to last year while profits were up about 5 percent to $198 million.
Despite the increases, the company said results were weaker than expected. The company is also assuming "very little improvement" in the national economy for the rest of the year and therefore is taking a "more conservative sales and earnings outlook."
North American delivery revenues for the company were up about 2 percent to $2.5 billion in the first quarter, an increase that was offset by increased fuel expenses.
Meanwhile, North American retail sales were up just 1 percent, with comparable store sales down 1 percent. The company has 1,901 stores in North America.
Comparable international store sales were down 11 percent, the company said.
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