Net income down 43% on charges
Staples Inc. said its fiscal third-quarter profit sank 43% because of hefty charges from restructuring and the acquisition of European rival Corporate Express.
But excluding the charges, its results still beat Wall Street estimates, despite a decline in retail sales.
For the three months ended Nov. 1, the Framingham, Mass.-based retailer said it earned $156.7 million, or 22 cents a share, down from $274.5 million, or 38 cents, a year earlier. Excluding one-time items, Staples earned 42 cents a share, a penny ahead of forecasts of analysts polled by Thomson Reuters.
Revenue rose 35% to $7 billion. Analysts predicted revenue of $7.03 billion.
Staples shares rose $1.20, or 7.9%, to $16.32.
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