Staples’ Third-Quarter Profit Increases
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Staples Inc. had its first quarterly profit increase in seven quarters as the second-biggest U.S. office-supplies retailer controlled costs and stopped selling some lower-profit merchandise.
Net income for its fiscal third quarter ended Nov. 3 rose 7.9% to $91.3 million, or 20 cents a share, from $84.7 million, or 19 cents, a year earlier, the company said.
Sales in the quarter rose 1.1% to $2.83 billion.
Staples shares fell 25 cents to $18.41 on Nasdaq. They’ve risen 53% in the last year.
The Framingham, Mass.-based company was expected to earn 20 cents a share, the average estimate of analysts polled by Thomson Financial/First Call.
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