Staples disappoints as Q1 profit falls 9.2%
Framingham, Mass. -- Staples reported that its first-quarter profit was $169.9 million, down from $187.1 million in the year-ago period, hurt by a stronger dollar and weak same-store sales in North America and Europe. Its results missed Wall Street forecasts.
Total sales fell 3.5% to $5.81 billion, also falling short of estimates. In North America, same-store sales were down 2% on weak demand for computers, software and technology accessories.
Online sales from Staples.com posted a strong quarter, recording sales growth of 3% amid new product offerings. Staples said it has added over 90,000 new items on its website over the last year.