December 1, 2009
Staples Shows Q3 Growth On Customer Traffic
By Matthew L. Brown
Framingham office supplies giant Staples Inc. reported a third quarter profit of $269 million, a 72 percent increase over the prior year.
Sales for the quarter decreased by 6 percent over the same period to $6.5 billion, the company said. Operating income increased from $390 million last year to $467 million.
The company said it saw an increase in customer traffic during the quarter, which offset reduced customer spending.
The company ended the quarter with $1 billion in cash and equivalents compared to $634 million last year. It used the quarter's strong cash flow to reduce company debt by $400 million. Since the acquisition of Corporate Express in July 2008, the company has reduced its debt by $1.9 billion.
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