Staples Profit Falls 38% on Charge

FRAMINGHAM, Mass (TheStreet) - Office supplies company Staples(SPLS Quote) said earnings fell 38% in its fiscal second quarter on a restructuring charge and as comparable-store sales in North America declined 5%.

Staples reported earnings of $92.4 million, or 13 cents a share, compared with $150.2 million, or 21 cents a share, a year earlier. Excluding integration and restructuring expenses of $30 million, adjusted earnings in the quarter were 16 cents a share, matching the estimates of analysts polled by Thomson Reuters.

Staples said Tuesday the drop in comparable-store sales reflected declines in average order size and weakness in certain durable categories such as business machines and furniture. Staples said it saw growth in computers, ink, and paper.

Total sales in the quarter rose 9% to $5.53 billion.

The retailer said it wasn't providing sales or earnings guidance.

-- Reported by Joseph Woelfel in New York.

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