Staples meets 2Q net income expectations, misses revenue forecasts

IndustriesAssociated Press

Staples Inc. (SPLS) on Wednesday reported fiscal second-quarter profit of $36 million.

On a per-share basis, the Framingham, Massachusetts-based company said it had net income of 6 cents. Earnings, adjusted for restructuring costs and costs related to mergers and acquisitions, were 12 cents per share.

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The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 12 cents per share.

The office supply chain posted revenue of $4.94 billion in the period, which missed Street forecasts. Six analysts surveyed by Zacks expected $4.96 billion.

For the current quarter ending in November, Staples expects its per-share earnings to range from 33 cents to 36 cents.

Staples shares have dropped 22 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 2 percent. The stock has climbed 23 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SPLS at http://www.zacks.com/ap/SPLS

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Keywords: Staples, Earnings Report