NEW YORK (TheStreet) -- Shares of Staples Inc. (SPLS) are up 1.89% to $11.84 in pre-market trade after it was reported that the office products company said its fiscal second quarter profit and sales declined, while planning to close underperforming stores and push sales growth online, the Wall Street Journal reports.
The company's profit came in toward the higher end of its projection, and the top line beat analysts' expectations, the Journal said.
For the quarter ended August 2, Staples reported a profit of $82 million, or 13 cents per share, compared with a profit of $103 million, or 16 cents per share, a year earlier. Excluding restructuring and other charges, earnings were 12 cents per share.
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Sales declined to 1.8% to $5.22 billion, hurt by store closures and changes in foreign exchange rates.
In May, the company projected nine cents to 14 cents per share in earnings for the period, on lower sales. Analysts polled by Thomson Reuters projected $5.16 billion in sales for the quarter.
Staples said it expects to posted earnings of 34 cents to 39 cents a share and a decline in sales in the current quarter, which includes the key back-to-school shopping period. Analysts had projected 37 cents a share in earnings and a 4% decline in sales.
TheStreet Ratings team rates STAPLES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: