Staples ekes out slim profit
Staples Inc. posted a slim 1.5% increase in its first-quarter profit, after posting small declines the previous two quarters amid slow retail sales of office products.
The world’s largest office products supplier said Tuesday its profit rose to $212.3 million, or 30 cents per share, in the three months ended May 3. That compares with a profit of $209.1 million, or 29 cents per share, a year earlier.
The latest profit matches analysts expectations.
Staples (SPLS, Fortune 500) says sales rose 6% to $4.9 billion from $4.59 billion a year ago, slightly beating analysts’ forecast of $4.83 billion.
Staples reaffirms its profit and sales forecast for the full year fast cash now. It expects a weak economic climate throughout 2008.