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May 16, 2012

Staples Sees Q1 Earnings Drop

Framingham-based office products retailer Staples Inc. reported today that first-quarter revenue was $6.1 billion, down $68.1 million from the first quarter of 2011.

Profits were $187 million, down 6 percent from $198 million a year ago.

Staples said it recorded $28 million in pre-tax expenses related to employee reductions in North America, Europe and Australia as well as the settlement of a contractual dispute stemming from its acquisition of Corporate Express.

CEO Ron Sargent said in a statement that international markets remain soft, but that the company is building momentum with non-office-supply products in North America.

Staples ended the quarter with three fewer stores in North America, where sales were flat.

International sales fell 8 percent, measured in U.S. currency.

The company repurchased 5.9 million shares for $93 million during the quarter.

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After Restructuring, Can Staples Keep Its Crown As King Of Office Supplies?

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