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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.