Staples 3Q profit drops 43 percent on charges

[December 02, 2008]  FRAMINGHAM, Mass. (AP) -- Staples says its third-quarter profit dropped 43 percent because of hefty charges from restructuring, the acquisition of Corporate Express and the settlement of a lawsuit in California. Its results excluding charges topped Wall Street estimates.

Staples Inc. said Tuesday it earned $156.7 million, or 22 cents per share, in the three months ended Nov. 1. That's down from $274.5 million, or 38 cents per share, a year ago.

The Framingham, Mass.-based company says it earned 42 cents per share excluding charges.

Thomson Reuters says analysts expected 41 cents per share. The estimates typically exclude one-time items.

It says revenue rose 35 percent to $7 billion even though North American retail sales fell.

[Associated Press]

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