Staples Posts 33% Decline in Profit (Update)

Staples(SPLS Quote) posted a 33% drop in first-quarter earnings, but still managed to beat analysts' expectations by a penny with the help of its new Corporate Express business.

The office-supply retailer purchased the Dutch office supply chain Corporate Express in July and said it expects to save $300 million from the acquisition.

The fact that Staples beat expectations is a testament to the value of a low-set bar: The company's profit during the quarter fell to $147 million, or 20 cents a share, from $212.2 million, or 30 cents, a year earlier. ...