December 2, 2008
Staples Q3 Profit Down 43%
By Matthew L. Brown
Framingham-based Staples Inc.'s third quarter profit plummeted 43 percent as a result of the company's purchase of Corporate Express and a 6 percent decrease in North American retail sales.
The company reported third quarter sales of $7 billion, a 34 percent increase compared to the same period a year ago.
The company said it saw a "lower spend per existing customer" during the quarter, especially for items such as office furniture and computers.
The 6 percent North American retail sales dip was accompanied by an 8 percent decrease in same-store sales as the average order size shrunk and customer traffic slowed. The company said those decreases were partially offset by growth in technology services and ink sales.
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