Staples Shares Sink on Sluggish Q4 Results

by Christopher Freeburn | March 6, 2013 11:02 am

Staples 2 300x199 Staples Shares Sink on Sluggish Q4 Results[1]Shares of Staples (NASDAQ:SPLS[2]) sank more than 6% in Wednesday morning trading after the company posted disappointing fourth-quarter sales[3].

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.

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[4] for Apple‘s (NASDAQ:AAPL[5]) popular mobile devices.

Last month, office supply rivals OfficeMax (NYSE:OMX[6]) and Office Depot (NYSE:ODP[7]) announced that they would merge operations[8]. Both companies saw their shares slide about 2% in Wednesday morning trading.

 

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Staples-2.jpg
  2. SPLS: http://studio-5.financialcontent.com/investplace/quote?Symbol=SPLS
  3. after the company posted disappointing fourth-quarter sales: http://www.chicagotribune.com/business/sns-rt-us-staples-resultsbre9250fj-20130306,0,5841944.story
  4. recently began to carry accessories: http://investorplace.com/2013/02/tuesday-apple-rumors-imac-supply-constraints-easing/
  5. AAPL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAPL
  6. OMX: http://studio-5.financialcontent.com/investplace/quote?Symbol=OMX
  7. ODP: http://studio-5.financialcontent.com/investplace/quote?Symbol=ODP
  8. that they would merge operations: http://investorplace.com/2013/02/office-depot-officemax-in-talks-to-merge/

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