twice connect
careers

Staples Posts Single-Digit Sales, Income During Q1

5/18/2011 09:23:18 AM Eastern

Framingham, Mass. - Staples reported single-digit percentage gains in net sales and net income for its fiscal first quarter ended April 30.

Total company sales for the first quarter of 2011 increased 2 percent to $6.2 billion comparedwith the first quarter of 2010. Net income for the first quarter of 2011 increased 5 percent year over year to $198 million.

"Our first-quarter results show that we're making good progress on our key growth initiatives and we're gaining share in North America, but at a cost to our bottom line," said Ron Sargent, Staples' chairman/CEO.

The chain's North American retail sales for the first quarter of 2011 were $2.328 billion, an increase of 1 percent in U.S. dollars from $2.312 billion, and down slightly in local currency compared to the first quarter of 2010.

Comp-store sales decreased 1 percent vs. the first quarter of 2010, primarily reflecting a decrease in customer traffic in the Canadian retail business, partially offset by higher average order size.

North American retail business unit income was $177.3 million for the quarter up from the prior year's $176.5 billion.

Staples opened five stores and closed four, ending the first quarter of 2011 with 1,901 stores in North America.

PHOTOS
NATM Annual Meeting

Besides the usual business of planning out the

Ultra HD OLED TVs In IFA Spotlight

At IFA, all Ultra HD makers are quickly expanding

Jack Wayman, the Father Of International CES

Tributes continue to pour in for Jack Wayman, who

Nationwide PrimeTime 2014

Scenes from Nationwide PrimeTime buy fair held in