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Staples Inc.'s quarterly net profit sank 72 percent as the office-supply giant was hit by a slew of charges related to its recent restructuring and store-closure efforts.
However, stripping out one-time items, core earnings strengthened. Staples also saw its top line benefit from an extra week during the quarter compared with the year-ago period.
Staples' earnings announcement comes after rivals Office Depot Inc. agreed to merge with OfficeMax Inc. The deal creates a retailer with $18 billion in sales and combines two companies battling the effects of too many stores, an increasingly digitized office and greater online competition.
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