Staples 3Q profit drops 43 percent on charges

Staples Inc., the Framingham-based retailer of offices supplies, said today that 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 said 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. To read the press release on earnings that Staples released this morning, please click here.

The company said it earned 42 cents per share excluding charges.

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

Staples added that revenue rose 35 percent to $7 billion even though North American retail sales fell. (AP)