Staples posts 5% gain in Q1 profit
Source: Agencies |
May 19, 2011, Thursday
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STAPLES Inc's first-quarter profit rose 5 percent due to better sales overseas and increased buying by small businesses in North America.
But the nation's largest office supply retailer said yesterday the results were softer than expected, and the firm cut its full-year earnings guidance. Its earnings outlook for the second quarter and the year are below Wall Street estimates.
Staples reported net income of US$198.2 million, or 28 cents per share, for the quarter ended April 30, up from US$188.8 million, or 26 cents per share, a year ago.
Analysts polled by FactSet expected earnings of 32 cents per share.
Revenue rose 2 percent to US$6.18 billion from US$6.06 billion a year ago. Wall Street was looking for revenue of US$6.2 billion.
Revenue in stores open at least a year dipped 1 percent, mostly on a decline in Canadian retail customer traffic. The measure is considered a key gauge of a retailer's health because it excludes stores that open or close during the year.
Revenue in the North American delivery segment, which serves small business, rose 2 percent. International revenue climbed 4 percent, while North American retail revenue gained 1 percent.
Office suppliers are slowly recovering from the recession, as shoppers and small businesses go back to spending more on them.
But the nation's largest office supply retailer said yesterday the results were softer than expected, and the firm cut its full-year earnings guidance. Its earnings outlook for the second quarter and the year are below Wall Street estimates.
Staples reported net income of US$198.2 million, or 28 cents per share, for the quarter ended April 30, up from US$188.8 million, or 26 cents per share, a year ago.
Analysts polled by FactSet expected earnings of 32 cents per share.
Revenue rose 2 percent to US$6.18 billion from US$6.06 billion a year ago. Wall Street was looking for revenue of US$6.2 billion.
Revenue in stores open at least a year dipped 1 percent, mostly on a decline in Canadian retail customer traffic. The measure is considered a key gauge of a retailer's health because it excludes stores that open or close during the year.
Revenue in the North American delivery segment, which serves small business, rose 2 percent. International revenue climbed 4 percent, while North American retail revenue gained 1 percent.
Office suppliers are slowly recovering from the recession, as shoppers and small businesses go back to spending more on them.
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