Staples Sales Miss Expectations
Framingham-based office supplies retailer Staples Inc. saw its sales fall 6 percent in its second quarter, falling short of expectations.
Sales were $5.5 billion compared to $5.8 billion during the second quarter of 2011. Net income fell from $176.4 million to $120.4 million.
"Our second-quarter results fell short of our expectations due to softer than expected sales trends in North America and ongoing weakness in Europe and Australia," Ron Sargent, Staples CEO and chairman, said in a statement.
Staples has lowered its sales and earnings outlook for 2012, projecting that sales for the full year will be flat compared to 2011.
"We're taking a hard look at each of our businesses, and we plan to make significant changes to improve results," Sargent said. "We're also building a plan to reallocate resources, take advantage of our best growth opportunities, and drive increased cost savings."
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