Staples’ Profit Declines 38 Percent

Office supply retailer Staples had a rough second quarter, posting a quarterly profit decline of 38 percent. According to Staples, the earnings decline comes due to less people buying desks and chairs, as well as due to a narrower profit margin. However, despite Staples’ falling profits, sales have actually increased from last year to this year.
 
Net income fell to $92.4 million from $150.2 million just a year earlier, or to 13 cents a share from 21 cents a share. Sales experienced movement in the opposite direction, rising 9 percent to $5.53 billion from $5.1 billion in the same quarter last …read more