Framingham, Mass. — By focusing on customer satisfaction and corporate execution, office products retailer Staples enjoyed "market-share gains and a differentiated company," as North American retail sales climbed 10 percent in the fiscal first quarter.
North American retail sales hit nearly $2 billion in the first three months, ended May 1, up from $1.8 billion the previous year. North American retail comp-store sales increased 5 percent, while operating profit for this segment jumped 40 percent in the first quarter, compared with the same period a year earlier.
North American delivery sales rose 11 percent in the first three months, hitting $1 billion, compared with $908.1 million in the same period in 2003.
"Delivering on our promise to make buying office products easy for our customers, coupled with executing our strategy to drive return on net assets, remains Staples’ recipe for achieving superior performance and differentiation," said Ron Sargent, president/CEO.
Total Staples sales for the first quarter increased 12 percent, reaching $3.5 billion, up from $3.1 billion year-on-year.
The company recorded total net income of $126 million in the first quarter, up from $24.8 million year-over-year. First quarter 2003 results, however, included impact from a $62 million adjustment due to an accounting change.