November 15, 2011
Staples' Profits Jump Despite European Pinch
By Brandon Butler
Framingham-based office retailer Staples Inc. was able to weather a big drop in same-store sales in Europe as profits rose 13 percent to $326 million in the third quarter compared to last year.
Meanwhile, company-wide revenues were basically flat, at $6.6 billion.
Same-store sales were off 12 percent in Europe, the company said, with overall international sales off 1.9 percent to $1.3 billion.
"International results were weaker than expected as tight expense management was more than offset by very challenging top-line trends," said company chairman and CEO Ron Sargent.
Through the first three quarters of the year, the company collected a $701 million profit on $18.56 billion in sales.
WBJ Web Partners
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