Good News for Local Printers: Staples to Close Up to 225 Stores by 2015
Staples' shares fell 9 percent before the bell, after the company also posted lower-than-expected fourth-quarter results and forecast current-quarter profit below analysts' estimates.
Staples' revenue fell 10.6 percent to $5.87 billion in the fourth quarter ended Feb. 1, below the average analyst estimate of $5.97 billion. Excluding the impact of an extra week in the year-earlier quarter, sales declined 4 percent.
Same-store sales in North America, excluding sales through Staples.com, fell 7 percent as Staples sold fewer business machines, technology accessories, office supplies and computers.