1. Staples' Sales Jump 8.7% Despite Retail Weakness.
- Author
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Cheng, Andria
- Subjects
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CORPORATE profits , *CLASS actions , *RETAIL industry , *OFFICE equipment & supplies industry - Abstract
The article reports that sales of Staples Inc., an office supplies retailer, rose 8.7% to $5.17 billion in the quarter ended November 3, 2007. Third quarter profit fell 5.3%, however, due to a weak retail environment and a one-time charge of $24 million to settle a class-action lawsuit in California. Despite lower profits, the price of Staples shares increased $2.09, or 11%, to $21.85 as of November 27, 2007 as results exceeded estimates of analysts. Staples is benefiting from the weak dollar, economic strength in Canada and market-share gains.
- Published
- 2007