Staples Profit Declines 43% on Charges

FRAMINGHAM, Mass. -- Staples(SPLS Quote) 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.