November 18, 2015
Staples revenue misses forecasts; value drops
By Sam Bonacci
Framingham-based Staples Inc. reported on Wednesday revenue numbers fell short of expectations, leading the stock to drop by 3 percent in early trading.
Total sales for the company were down by 6 percent compared to the third quarter of 2014, dropping to $5.6 billion and shy of $6.36 billion forecasted by analysts. This translated to earnings per share of 35 cents compared to 37 cents per diluted share in the third quarter 2014.
All of this led to a drop of nearly 5 percent in trading for the stock by noon on Wednesday.
The company expects further decline in the upcoming quarter, with forecasted earnings per share of 26 cents compared to 30 cents in the fourth quarter of 2014.
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