Staples profit increases 1.5%

From Times Wire Reports

Staples Inc. said fiscal first-quarter profit rose 1.5% and revenue exceeded some analysts' estimates as sales to companies countered a decline at its stores.

Net income climbed to $212.3 million, or 30 cents a share, the first increase in three quarters. Revenue in the three months through May 3 increased 6.4% to $4.88 billion. Profit matched the average estimate of analysts, and Framingham, Mass.-based Staples reiterated its full-year earnings forecast.

Staples shares rose 4 cents to $23.61.

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