reported a 47% increase in second-quarter net income, helped by strong same-store sales, and raised its full-year EPS estimate.
The Framingham, Mass.-based office supply retailer earned $87.8 million, or 18 cents a share, in the quarter ended Aug. 2, ahead of analysts' estimate of 16 cents a share. In last year's second quarter, the company earned $59.6 million, or 13 cents a share.
Total revenue was $2.87 billion, up 18% from last year's $2.43 billion. Operating margin was 5.03%, the company said.
"We are seeing tremendous strength and terrific results in every single part of our business," Ron Sargent, president and chief executive, said in a written statement.
Shares jumped $1.10, or 5.4%, to $21.48, on the Instinet premarket session.
Staples said it focused on small-business customers during the quarter and said North American retail sales climbed 11%, while sales in its delivery units rose 14%. North American retail same-store sales rose 6%.
Looking to the full year, the company said it now expects pro forma earnings of $1.09 a share. Last year, the company earned 88 cents a share. Analysts are calling for $1.05 a share in the year.