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Staples Q3 profit up 13%, lowers full-year outlook

BY Katherine Boccaccio

Framingham, Mass. — Staples Inc. reported Tuesday that profit for the third quarter climbed 13% to $326.4 million, from $288.7 million a year earlier. Earnings met Wall Street expectations.

Revenue rose 1% to $6.57 billion from $6.54 billion, missing analysts’ expected $6.71 billion. North American retail unit revenue was flat at $2.7 billion, with same-store sales down 1%. International revenue slid 7% on a local currency basis to $1.3 billion, leading the retailer to adjust its full-year forecast downward.

"International results were weaker than expected as tight expense management was more than offset by very challenging top line trends," Ron Sargent, chairman and CEO, said in a statement.

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Home Depot posts another quarter of growth

BY CSA STAFF

ATLANTA — Stormy weather around the country had something to do with Home Depot’s third quarter sales gain of 2.9%. So did strength in core categories.

The world’s largest home improvement retailer posted a 4.2% comp-store sales gain for the quarter ended Oct. 30. Total sales increased 2.9% to $17.326 billion. And even bigger growth came in the net earnings column, where Home Depot reported a 13.0% increase and net earnings of $934 million.

“Our third quarter was driven by strength in our core categories and storm-related sales as well as strong operating performance,” said Frank Blake, chairman & CEO. “We will continue to invest in our core initiatives to provide customers with exceptional customer service and great product values. I would like to thank our associates for their hard work and dedication.”

At the end of the third quarter, the company operated a total of 2,246 retail stores in the United States and abroad.

Home Depot also announced that its board of directors declared a 16% increase in its quarterly dividend to 29 cents per share.

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Home Depot’s Q3 profit up 12%

BY Katherine Boccaccio

Atlanta — Home Depot Inc. reported Tuesday that net income in the third quarter rose 12% to $934 million, compared with $834 million in the year-ago period. Storm-related repairs and spending on home projects gave the home-improvement retailer a third-quarter boost.

Revenue rose 4% to $17.33 billion from $16.6 billion last year, beating Wall Street’s expected $17.11 billion in revenue.

Same-store sales rose 4.2% globally and 3.8% in the United States.

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