Staples’ Third-Quarter Profit Increases

Staples Inc. had its first quarterly profit increase in seven quarters as the second-biggest U.S. office-supplies retailer controlled costs and stopped selling some lower-profit merchandise.

Net income for its fiscal third quarter ended Nov. 3 rose 7.9% to $91.3 million, or 20 cents a share, from $84.7 million, or 19 cents, a year earlier, the company said.

Sales in the quarter rose 1.1% to $2.83 billion.

Staples shares fell 25 cents to $18.41 on Nasdaq. They’ve risen 53% in the last year.

The Framingham, Mass.-based company was expected to earn 20 cents a share, the average estimate of analysts polled by Thomson Financial/First Call.