Staples Declines After Posting Quarterly Revenue Shy of Estimates

Shares of Staples (SPLS) were trading lower on Wednesday after reporting first-quarter revenue that missed analyst expectations. Excluding charges, including $15 million related to the acquisition of Office Depot (ODP), profit fell to $0.17 a share from $0.18. Revenue fell about 7% to $5.3 billion. Analysts were expecting earnings of $0.17 a share on revenue of nearly $5.5 billion, according to Thomson Reuters. For the second quarter of 2015, Staples expects sales to decrease year-over-year. It expects diluted earnings per share in the range of $0.11 to $0.13, excluding impacts from restructuring or costs related to the Office Depot buyout. Earlier this year, Staples agreed to buy its rival for $6.3 billion.