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We're taking a hard look at each of our businesses, and we plan to make significant changes to improve results," Sargent said. "We're also building a plan to reallocate resources, take advantage of our best growth opportunities, and drive increased cost savings."
Sargent said that the company had re-evaluated its full-year outlook as a result of the quarter's figures, and that full-year sales were now expected to be flat compared to 2011. Following the announcement, shares in Staples Inc. dropped 15 percent to $11.49, the lowest level since 2003.
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