STAPLES SEES WEAK NORTH AMERICA SALES

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STAPLES SEES WEAK NORTH AMERICA SALES

 user 2008-08-21 at 4:48:21 pm Views: 95
  • #20767

    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