Staples Sales Fall In Q2
In an earnings report today, Framingham-based Staples Inc. attributed a 2-percent decrease in total company sales in its second quarter to the closure of 103 stores in North America and Europe over the last 12 months.
Sales totaled $5.31 billion in the quarter ending Aug. 3, compared to $5.43 billion a year ago. Sales for the first six months of the year also declined to $11.12 billion, from $11.45 billion last year. Operating income was $104 million in the second quarter, compared to $125 million a year ago. As a result, earnings per share fell to 16 cents, from 19 cents in 2012.
According to the filing, operating income losses were due to lower product margins, the negative impact of fixed expenses on lower sales and investments related to the company’s strategic initiatives.
Because second-quarter results were weaker than expected, Staples has adjusted its sales and earnings outlook. The company said full-year sales will decrease by low single digits, compared to 2012 sales of $23.9 billion.
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