Staples quarterly profit misses analysts' estimates

Reuters

Staples Inc reported a slightly lower-than-expected quarterly profit on Wednesday, hurt by a stronger dollar and weak sales in Europe and Australia.

The largest U.S. office supplies retailer, whose international sales fell 13 percent in the quarter, still maintained its outlook for the year.

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Income from continuing operations fell to $170.4 million, or 26 cents a share, in the first quarter ended on May 4 from $192.9 million, or 28 cents a share, a year earlier.

Analysts on average were looking for a profit of 27 cents a share on that basis, according to Thomson Reuters I/B/E/S.

Sales fell 3.5 percent to $5.81 billion, while analysts on average expected $5.91 billion.

For the full year, Staples said it expected sales to rise at a low single-digit percentage rate, with earnings from continuing operations at $1.30 to $1.35 a share.