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Staples Post Record Sales

Framingham, Mass. — Staples reported record fiscal first-quarter sales and an increase in net income for its fiscal first quarter, ended May 3.

Staples increased its sales by 6 percent to $4.9 billion compared with the first quarter of 2007. Net income rose 2 percent year-over-year to $212 million.

North American retail sales grew 2 percent in the first quarter to $2.4 billion, and comp-store sales decreased 6 percent vs. 2007, reflecting declines in customer traffic and average order size, the company said. Staples opened 35 new stores during the quarter, giving it 1,773 in North America

North American delivery had a sales increase of 8 percent to $1.7 billion vs. last year’s first quarter.

Total international sales increased 19 percent to $756 million in U.S. dollars, benefiting from a $72 million foreign currency impact, and increased 8 percent in local currency. International comp-store sales increased four percent versus 2007.

“We are pleased to deliver solid results in a challenging quarter,” said Ron Sargent, Staples’ chairman/CEO. “We continue to gain share while we invest in growth ideas to strengthen our market position.”