Retail
Staples Profit Declines 43% on Charges
Stock quotes in this article:SPLS
FRAMINGHAM, Mass. -- Staples(SPLS) says its third-quarter profit dropped 43% because of hefty charges from restructuring, the acquisition of Corporate Express and a settlement of a lawsuit in California.
The office products retailer said Tuesday it earned $156.7 million, or 22 cents a share, in the three months ended Nov. 1. That's down from $274.5 million, or 38 cents a share, a year earlier. Earnings excluding charges of 42 cents a share topped Wall Street estimates. Analysts surveyed by Thomson Reuters expected earnings of 41 cents a share. The estimates typically exclude one-time items. Revenue in the quarter rose 35% to $7 billion even though North American retail sales fell.TheStreet Premium Services
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