Staples Q2 net drops 15%; lowers forecast

Framingham, Mass. -- Staples said Wednesday that its second quarter net income dropped 15% amid store closings, declining traffic and lower sales of computers, ink and toner. The retailer also cut its full-year earnings and revenue forecasts, citing the weaker-than-expected results.

Staples earned $102.5 million for the period ended Aug. 3, compared to $120.4 million last year.

Revenue fell 2% to $5.31 billion, feeling the pressure of store closures and lowering sales overseas. Same-store sales, which excludes online sales, were down 3%.

Staples North American commercial division fared slightly better. Sales there fell just 1.3% to slightly more than $1.9 billion while operating income declined to $128 million from $143 million.

 

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