Staples 3Q net income rises, lowers 2011 outlook
FRAMINGHAM, Mass. (AP) — Staples Inc. says its third-quarter profit climbed 13 percent, helped in part by better sales of office and break room supplies to businesses as well as promotional products.
But the nation's biggest office supply company cut its full-year adjusted earnings forecast on Tuesday as its international performance weakened a bit.
Office suppliers have suffered during the recession and its aftermath, as consumers and small businesses continue to hold back on spending.
Staples reported net income of $326.4 million, or 47 cents per share, in the three months ended Oct. 29 compared with $288.7 million, or 40 cents per share, a year ago.
The earnings met Wall Street's expectations.
Revenue rose 1 percent to $6.57 billion from $6.54 billion. Analysts forecast higher revenue of $6.71 billion.
Staples is based in Framingham, Mass.