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Staples to Close Stores Amid Tepid Outlook

Staples (NASDAQ:SPLS) outlined a $500 million cost-cutting plan, including the closure of 225 North American stores by the end of 2015, after the fourth quarter showed continued pressure on store traffic.The seller of office supplies also said Thursday it expects to book lower sales and earnings of 17 cents to 22 cents a share in the current period. Wall Street analysts were recently projecting 27 cents a share.Shares tumbled 11.1% to $11.91 in pre-market trading. Through Wednesday's close, the stock was already down 15.7% since the start of the year.Staples reported fourth-quarter earnings of $212.3 million, or 33 cents a share, versus $90 million, or 14 cents a share, in the same period a year earlier. Adjusted earnings in the year-ago quarter were 46 cents a share.Sales dropped 11% to $5.87 billion, although the comparable quarter had an additional week. Excluding that week, fourth-quarter sales were down 3.8%. Gross margin fell to 25.7% from 26.2%.The results missed Wall Street est...

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  1. Office Depot Widens 4Q Loss Amid Merger Costs

    Office Depot (NYSE:ODP) reported a wider loss in the fourth quarter amid weaker margins and expenses stemming from its merger with OfficeMax.The office supply retail...

  2. Staples Posts Top Line Miss, Maintains Outlook

    Staples (NASDAQ:SPLS), the largest U.S. office supply retailer, reported lower-than-expected third-quarter sales, citing weak demand and a stronger dollar.The compan...

  3. Office Depot names Delhaize executive Roland Smith to top job

    Office Depot Inc said on Tuesday that Roland Smith, former head of the U.S. division of supermarkets operator Delhaize Group, was named to be the chief executive of ...

  4. Wal-Mart to Open Earlier on Thanksgiving

    Wal-Mart Stores (NYSE:WMT) plans to open on Thanksgiving Day two hours earlier than last year, becoming the latest retailer to expand sales events leading into Black...

  5. Taxes Could Sway Office Depot to Stay in Florida

    After completing its $1.2 billion acquisition of OfficeMax, Office Depot (NYSE:ODP) has yet to choose a permanent chief executive and a home for the combined retaile...

  6. Office Depot, OfficeMax Close Merger

    No. 2 U.S. office retailer Office Depot Inc (NYSE:ODP) on Tuesday closed its deal to buy smaller rival OfficeMax Inc (NYSE:OMX) and named the two firms' chief execut...

  7. Survey: Small Business Owners Waste 4 Billion Hours Each Year

    OfficeMax ’s Small Business Efficiency Index reveals that small business owners waste more than 4 billion hours each year on activities that don’t help grow their businesses.

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