Staples Sees Q1 Earnings Drop
Framingham-based office products retailer Staples Inc. reported today that first-quarter revenue was $6.1 billion, down $68.1 million from the first quarter of 2011.
Profits were $187 million, down 6 percent from $198 million a year ago.
Staples said it recorded $28 million in pre-tax expenses related to employee reductions in North America, Europe and Australia as well as the settlement of a contractual dispute stemming from its acquisition of Corporate Express.
CEO Ron Sargent said in a statement that international markets remain soft, but that the company is building momentum with non-office-supply products in North America.
Staples ended the quarter with three fewer stores in North America, where sales were flat.
International sales fell 8 percent, measured in U.S. currency.
The company repurchased 5.9 million shares for $93 million during the quarter.
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