Staples Puts Positive Spin On Closing 40 More Stores (Up From 130 )

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Staples Puts Positive Spin On Closing 40 More Stores (Up From 130 )

 user admin 2014-11-20 at 12:10:52 pm Views: 362
  • #41519

    Staples Puts Positive Spin On Closing 40 More Stores (Up From 130 Stores)
    Staples will now shut 170 stores this year

    Staples Inc. is accelerating its store closings this year and making progress toward its “reinvention,” but the office supply chain expects fewer holiday sales compared to last year.

    The Framingham company also said it is unable to “reasonably estimate” the losses or expenses associated with a breach of its retail point-of-sale and computer systems disclosed last month, or the nature or scope of the incident.

    “The company has taken steps to address the intrusion and believe that we have identified and eradicated the malware used in the intrusion,” it said in a regulatory filing yesterday.

    Staples’ third-quarter net income fell to $217 million from $220 million in the prior-year period, while revenue sank 
2.5 percent to $5.96 billion, but both topped Wall Street expectations.

    Staples now has plans to close a total of 170 stores by year’s end, up from its previous goal of 140 in 2014. The company, which is struggling to compete against online rivals, in March announced a two-year plan for shuttering 225 stores and $500 million in annual cost savings.

    “Staples is making progress turning around its business via key initiatives that include accelerated store closings, aggressive costs cuts, restructuring of international markets and investments in omni-channel (retailing), while … expanding products beyond core office supplies,” analyst David Strasser of Janney Capital Markets said in a research note yesterday. “These changes are offset by structural industry headwinds.”