Staples Q4 profit plummets 72%, forecast misses
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.