Staples Posts Increases in Profit and Revenue
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Staples Inc., the world’s largest office supplies retailer, said third-quarter earnings climbed 29% as the company attracted more business customers and posted higher back-to-school sales.
Net income increased to $165.8 million, or 33 cents a share, from $128 million, or 27 cents, in the same period last year, the Framingham, Mass.-based retailer said. Revenue in the period ended Nov. 1 rose 13% to $3.48 billion, helped by the acquisition last year of Guilbert.
Chief Executive Ronald Sargent has stocked more merchandise such as networking equipment for business customers, which make larger purchases.
He also has renovated stores and boosted sales of more-profitable, private-label items. Sales at North American stores open at least a year rose 4%, led by office furniture, business machines and services.
Shares of Staples rose 20 cents to $25.20 on Nasdaq.
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