Staples' Profits Up 7%, Sales Flat

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Framingham, Mass. - Staples reported a 7 percent gain in net income and a slight increase in net sales for its fiscal third quarter, ended Oct. 31.

 Total company sales of $6.537 billion for the quarter were slightly higher than the $6.518 billion in the prior year's quarter.

Net income for the quarter was $289 million, up from the prior year's $269 million.

In its North American retail segment, sales for the third quarter were $2.6 billion, an increase of 1 percent in U.S. dollars and flat in local currency compared with the third quarter of 2009.

Comp-store sales for the third quarter declined 1 percent vs. the third quarter of 2009. Operating income rate increased 47 basis points to 10.58 percent compared with the third quarter of 2009. North American retail opened 10 stores and closed one store, ending the third quarter of 2010 with 1,897 stores in North America.

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