Staples Shares Sink on Sluggish Q4 Results

Same-store sales fell sharply in Europe and North America

   

Staples Shares Sink on Sluggish Q4 Results

Staples 2 300x199 Staples Shares Sink on Sluggish Q4 ResultsShares of Staples (NASDAQ:SPLS) sank more than 6% in Wednesday morning trading after the company posted disappointing fourth-quarter sales.

The office supply retailer said that it earned $78.1 million during the quarter, down from $283.6 million last year. Adjusted EPS came in at 46 cents a share. That beat Wall Street forecasts by a penny, Reuters noted.

Office Max 200x200 Staples Shares Sink on Sluggish Q4 Results
OfficeMax, Office Depot Unite? Not Impressed

Quarterly sales climbed to $6.56 billion, up 3% from the same period last year. But that fell short of analysts’ prediction of $6.72 billion in sales.

Same-store sales in Europe fell 9% during the quarter, while  North American stores reported a 5% sales decline.

Staples recently began to carry accessories for Apple‘s (NASDAQ:AAPL) popular mobile devices.

Last month, office supply rivals OfficeMax (NYSE:OMX) and Office Depot (NYSE:ODP) announced that they would merge operations. Both companies saw their shares slide about 2% in Wednesday morning trading.

 


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/staples-shares-sink-on-sluggish-q4-results/.

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