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Staples Q4 profit plummets 72%, forecast misses

BY Katherine Boccaccio

Framingham, Mass. — Staples reported Wednesday that profit for the quarter ended Feb. 2 fell 72% to $78.1 million from $283.6 million, impacted by store closings and other charges.

Revenue edged up 3% to $6.57 billion, boosted by an extra week in the period. Results missed Wall Street’s expected $6.71 billion in revenue. Same-store sales fell 5%, excluding e-commerce revenue.

For the full year, Staples lost $210.7 million, compared to net income of $984.7 million in the year-ago period. Annual revenue dipped 1% to $24.38 billion.

The office supply retailer has forecast fiscal 2013 revenue of $23.92 billion, behind Wall Street’s projected $24.33 billion in revenue.

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S.Gacho says:
Mar-17-2013 10:35 am

It is nice to hear that your profit from the time that you started your business will be back to you. It means that the business is a great success on your part. - Carmack Moving and Storage

S.Gacho says:
Mar-17-2013 10:35 am

It is nice to hear that your profit from the time that you started your business will be back to you. It means that the business is a great success on your part. - Carmack Moving and Storage

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Big Lots profit edges up in Q4; 50 stores on tap for fiscal 2013

BY Katherine Boccaccio

Columbus, Ohio — Big Lots reported Wednesday that net income for the fourth quarter rose to $120.3 million, from $114.7 million in the year-ago period. Sales in the U.S. increased 4.4% to $1.7 billion from $1.6 billion, and domestic same-store sales dipped 3.5%.

For the full year, income from continuing operations dropped to $177.2 million, from $207.2 million in the prior fiscal year. This year’s results included $3.4 million in charges related to new inventory system implementation.

Total sales for the year increased 3.8% to $5.4 billion.

The company said that it plans to open 50 new stores in fiscal 2013, and close 45. In Canada, it will open two to three stores and close a similar number.

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American Eagle Q4 profit nearly doubles, but warns of weaker sales ahead

BY Katherine Boccaccio

Pittsburgh — American Eagle Outfitters Inc. reported Wednesday that profit for the quarter ended Feb. 2 soared to $94.8 million from $51.3 million in the year-ago period, aided by few markdowns.

However, the retailer warned that sales will be weak in the first quarter due to economic restrictions and unfavorable weather.

Sales in the fourth quarter rose to $1.12 billion from $1.03 billion, and same-store sales rose 4%. For the full year, operating income increased 49% to $437 million, and revenue rose 11% to $3.48 billion, a record high for the company. Same-store sales rose 9%.

American Eagle also authorized a 20 million share repurchase program and raised its quarterly dividend 14%.

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