Staples Q1 Net Down 33%
First quarter profits at Staples Inc. sank 33 percent to $143 million as customers cut back on the purchase of computers and furniture, the Framingham-based company said.
North American retail sales totaled $2.2 billion during the quarter, a 9 percent decrease from the same quarter a year ago. Same store sales decreased by 8 percent over the same time. Staples ended the first quarter with 1,864 stores in North America.
Company-wide, including the results of Corporate Express, which Staples acquired for $4.8 billion in cash and debt last year, the office supplies retailer reported sales of $5.8 billion for the quarter, a 19 percent increase from a year ago.
A pre-tax integration and restructuring charge of $19 million related to the Corporate Express acquisition was also realized during the quarter.
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