Staples Q3 profit rises on cost controls
Framingham, Mass. -- Staples reported Thursday that profit for the third quarter rose 7% as the office supply retailer clamped down on expenses. Net income increased to $288.7 million, from $269.4 million.
Revenue edged up to $6.54 billion from $6.52 billion. Analysts expected $6.53 billion.
"We are seeing a steady improvement all areas of the business," CEO Ron Sargent said. "I don't think we're expecting a robust recovery next year, but I think we are expecting continuing progress with the national economy."
North American retail revenue rose 1% to $2.6 billion. However, same-store sales dipped 1%.
Staples, which bought Dutch office supply company Corporate Express NV, said international revenue fell 4% to $1.4 billion, mainly because of a 2% decrease in same-store sales.