A 3% same store sales decline at Staples North American retail units contributed to weaker than expected second quarter results and prompted the company to reduce its full year financial forecast.
Staples reported that total company sales for the fourth quarter were $6.6 billion, an increase of 3% over the same period last year.
Third quarter sales at Staples declined 2% to a little less than $6.4 billion and a host of previously announced charges resulted in the company reporting a loss of $569 million or 85 cents a share.
It has been a rough couple years for retailers, and no segment has been hit harder than office products, which has suffered a double whammy from the downturn in consumer and business spending.
Staples has announced the appointment of Mike Miles as president of Staples Foundation for Learning,...