Staples Q1 profit misses estimates

Source:Reuters Published: 2013-5-22 23:13:01

Staples Inc reported a lower-than-expected quarterly profit on Wednesday, hurt by a stronger dollar and weak sales in Europe and Australia.

The largest US office supplies retailer, whose international sales fell 13 percent in the quarter, still maintained its outlook for the year.

Income from continuing operations fell to $170.4 million, or 26 cents a share, in the first quarter ended on May 4 from $192.9 million, or 28 cents a share, a year earlier.

Sales fell 3.5 percent to $5.81 billion, while analysts on average expected $5.91 billion.

For the full year, Staples said it expected sales to rise at a low single-digit percentage rate, with earnings from continuing operations at $1.30 to $1.35 a share.


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