Staples’ Profit Jumps as Sales Increase 12%
Staples Inc., the world’s biggest retailer of office supplies, said its fiscal first-quarter profit soared as increased spending by small businesses boosted sales. The company’s shares climbed 8.1%.
Net income rose to $125.7 million, or 25 cents a share, in the quarter ended May 1 from $24.8 million, or 5 cents, a year earlier, when an accounting change reduced earnings by $62 million, the Framingham, Mass.-based retailer said. Sales increased 12% to $3.45 billion.
Shares of Staples rose $1.97 to $26.39 on Nasdaq, their biggest gain in 18 months.
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