STAPLES SEES WEAK NORTH AMERICA SALES

[Anonymous]

http://www.marketwatch.com/news/story/staples-says-weakness-north-america/story.aspx?guid=%7B1166B003-3EA9-4ACD-BBAA-46A1ABA27E16%7D&dist=msr_4
Staples sees weak North America cutting results
NEW
YORK aug 08  Staples Inc. said Tuesday its second-quarter sales will be
weaker than anticipated due to growing weakness in the North American
market.For the fiscal quarter ended Aug. 2, the Framingham, Mass.,
office-supplies retailer said sales grew about 3% from a year ago while
its earnings per share decreased about 15%. That would suggest earnings
of 21 cents a share on sales of $4.42 billion. Analysts polled by
FactSet Research are expecting, on average, second-quarter earnings of
25 cents a share on sales of $4.57 billion.

Shares of Staples fell 4% to close at $23.55.
Last year the company said it earned 25 cents a share on sales of $4.29 billion.
For
the full year, Staples (SPLS) said it sees low single-digit sales
growth and flat earnings per share. The comparison excludes a $38
million pretax charge in 2007 for a class-action settlement and items
related to its acquisition of Corporate Express.  Staples said it sees
the Corporate Express merger adding slightly to earnings.Staples
expects restructuring expenses for the deal to range from $30 million
to $40 million in the back half of 2008, and to range from $50 million
to $70 million in 2009

[Author]

August 21, 2008 at 4:49 PM