|
Staples 2Q meets Street
|
 |
August 18, 1999: 7:30 a.m. ET
Strong sales help boost office superstore's earnings 56%
|
NEW YORK (CNNfn) - Staples Inc. Wednesday reported second-quarter earnings in line with Wall Street forecasts as the office superstore's sales jumped 25 percent, boosted by aggressive expansion in North America.
Staples said earnings rose to $52.7 million, or 11 cents a diluted share, from $33.8 million, or 8 cents a share, a year earlier. The 1998 results exclude a one-time $41 million charge for a merger with Quill Corp. Including the charge, the company had net income of $9 million, or 2 cents a share, in the 1998 quarter.
The results reflect a 3-for-2 stock split in January 1999.
Sales rose to $1.84 billion from $1.48 billion. Sales at stores open at least a year grew 9 percent.
During the quarter, the company opened 49 retail stores, bringing its total 1,009 worldwide, including 791 in the United States.
For the first six months, net income reached $103 million, or 22 cents a diluted share, compared with $44.9 million, or 10 cents a share. Sales rose to $3.91 billion from $3.15 billion.
Shares in Staples (SPLS) fell 3/8 to 25-1/8 Tuesday.
|
|
|
|
|
|
Staples
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
