Office supplies retailer Staples reported disappointing first-quarter results on Tuesday and forecast a decline in sales in the current quarter. Excluding items, Staples posted earnings of $0.18 a share for the first three months of the year, missing analyst estimates by $0.03, according to Thomson Reuters. Sales fell almost 3% to $5.65 billion. The company said sales growth was weighed down by a stronger U.S. dollar and store closures. Oppenheimer equity research has a Perform rating on the stock, noting, "We are encouraged with Staples' turnaround efforts, but remain concerned that a strategic repositioning at the chain is simply occurring 'too late.'"
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