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Earnings Roundup

Staples gives grim full-year outlook

August 20, 2008|From Times Wire Services

Office products supplier Staples Inc. gave a bleaker outlook for full-year profit after small businesses reined in purchases.

Second-quarter earnings per share fell an estimated 15% after the fifth consecutive drop in North American same-store sales, Staples said in a statement giving preliminary results. For the full fiscal year, profit excluding the acquisition of Corporate Express will be little changed from 2007, the company said.

Framinghan, Mass.-based Staples doesn't anticipate sales trends will improve anytime soon, Chief Financial Officer John Mahoney said.

Revenue for the three months through Aug. 2 rose 3%, Staples said. Sales in North America fell 1%, with sales from stores open at least a year dropping about 7%.

Shares of Staples fell $1.03, or 4.2%, to $23.55.

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