May 16, 2017

Sales drop, profits grow at Staples amid restructuring

Shares of Staples, Inc.'s stock were trading down 5 percent Tuesday morning after the company announced a 5-percent drop in sales and net income growth of $45 million.

Staples is working on extending its sales beyond office supplies and into other areas, like facilities supplies, breakroom supplies, furniture, technology solutions, and promotional products, according to the company Tuesday. This quarter, it launched a new branding campaign aimed at introducing people to the business-to-business aspects of Staples.

"We're pursuing this opportunity from a position of strength as we bring together the products, services, and expertise to provide a differentiated offering to business customers of all sizes," CEO Shira Goodman said in a statement.

Total sales for the quarter were $4.1 billion, and net income was $105 million, compared to $60 million in net income for the first quarter of 2016. The company sold businesses in Europe, Australia and New Zealand, and grew mid-market sales in its North American contract business by 10 percent.

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