Staples Profits Rise 32%

Staples said first-quarter profit rose 32% on strength in all three of the the retailer's businesses.
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FRAMINGHAM, Mass. (

TheStreet

) --

Staples

(SPLS)

, the office-products retailer, said first-quarter profit rose 32% on strength in all three of the company's businesses.

Net income was $188.8 million, or 26 cents a share, up from $143 million, or 20 cents a share, a year earlier. Adjusted earnings, excluding restructuring expenses, were 28 cents a share in the latest first quarter.

Staples said sales rose 4% to $6.1 billion.

Analysts surveyed by Thomson Reuters expected Staples to earn 27 cents a share on sales of $6.01 billion.

Staples said sales at its North American delivery business rose 2% to $2.5 billion, while sales rose 6% at its North American retail operations; same-store sales for North American retail rose 1%.

Staples said international sales for the first quarter were $1.3 billion, an increase of 6%.

Staples said it expects second-quarter sales to increase in the low single-digits from the same period in 2009. Staples sees GAAP earnings for the quarter of 16 cents to 18 cents a share, and adjusted second-quarter earnings of 18 cents to 20 cents.

Analysts forecast second-quarter earnings of 20 cents a share on sales of $5.72 billion.

-- Reported by Joseph Woelfel in New York.

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