Steady Sales Drive Staples Profits
Staples Inc., the Framingham-based office retail giant, saw profits increase 17 percent in the fourth quarter and 19 percent on the year.
The company collected $24.5 billion in sales in 2010, which was a 1 percent increase from 2009. That helped the company swing an $881-million profit, up from $738 million in 2009.
North American deliveries increased 2 percent in 2010 and retail sales were up about 1.8 percent on the year. Also, the company's effective tax rate on foreign goods was slightly lower than company officials were expecting. Congress extended some tax provisions in December, which the company said had a positive impact on earnings.
In the fourth quarter, the company recorded a $274-million profit on $6.4 billion in sales. Inclement weather throughout the fourth quarter negatively impacted sales by $70 million.
WBJ Web Partners
Most Recent
Most Recent
0 Comments