Staples profit falls 33 percent in 1st quarter

[May 27, 2009]  FRAMINGHAM, Mass. (AP) -- Staples says its profit fell 33 percent in the first quarter as higher operating expenses and one-time costs more than outweighed the benefit of a new supply chain business.

The world's largest office supply chain earned $143 million, or 20 cents per share, down from $212.3 million, or 30 cents per share, in the same period last year.

The retailer's profit in the latest quarter was 22 cents per share excluding one-time items. Analysts projected income of 21 cents per share, on average.

Sales grew 19 percent to $5.82 billion.

Framingham, Mass.-based Staples Inc. has seen its sales rise in the past year due to its acquisition of Dutch office supply chain Corporate Express NV last summer.

[Associated Press]

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