Staples 2Q Profit Drops 16%

FRAMINGHAM, Mass. (AP) — Staples says its second-quarter profit dropped 16 percent, hurt by slow sales in the U.S. at established stores.

The Framingham, Mass. office supply retailer said Wednesday its net income fell to $150.2 million, or 21 cents per share, from $178.8 million, or 25 cents per share.

Thomson Reuters says analysts expected profit of 21 cents per share.

Staples Inc. says sales jumped 18 percent to $5.07 billion from $4.29 billion. Analysts anticipated sales of 4.69 billion.

Same-store sales fell 7 percent as fewer customers come through the doors. Staples says sales of furniture, desktop computers, printers and digital cameras were also weak.

Staples says it expects low single-digit earnings per share growth for the full year.


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