Staples swings to loss in Q3, beats estimates
Framingham, Mass. -- Staples Inc. reported Wednesday a loss of $596.3 million for the third quarter, compared with a profit of $326.4 million a year earlier. Without restructuring costs, the office supply retailer generated a profit that just edged Wall Street expectations.
Sales for the quarter dropped 2% to $6.35 billion, missing analysts’ expected $6.45 billion in sales.
In September, Staples outlined plans to close 30 stores in North America and 45 stores in Europe, and incurred impairment and restructuring charges of about $840 million in the third quarter.