Staples reports 4Q results
Staples Inc., the office supply giant headquartered in Framingham, said today that fourth quarter sales increased slightly to $6.4 billion because sales were impacted by winter storms.
Net income for the fourth quarter of 2010 increased 17 percent year-over-year to $275 million; diluted earnings per share, on a GAAP basis, increased 19 percent to $0.38 from $0.32 a year ago, Staples said in a press release.
("Excluding an integration and restructuring expense, net income was 39 cents per share," the Associated Press reported. "Analysts expected net income of 41 cents per share, according to FactSet.")
In a statement, company chairman and chief executive Ron Sargent said: "While the fourth quarter was challenging primarily due to the impact of winter storms, sales have recovered in the first quarter of 2011. Our business is healthy, we're investing in the right things, and our growth initiatives are gaining traction and positioning us well for a strong 2011."
For the full year 2010, company sales rose 1 percent to $24.5 billion when compared with 2009, Staples said; net income was up 19 percent year-over-year to $882 million, and diluted earnings per share, on a GAAP basis, increased 19 percent to $1.21 from $1.02 a year ago.