Staples cuts forecast for sales on slower US growth outlook
Staples Inc. cut its annual forecast for sales after results in its second quarter were worse than anticipated and as the retailer assumes slower growth for in the U.S.
Sales will be unchanged this year compared to the year- earlier period, the Framingham, Massachussets-based retailer said in a statement distributed by Business Wire today. The company had forecast growth in the low single-digits in May. Full-year earnings per share will increase in the low single- digits from $1.37 a share reported last year, a cut from the high single-digit growth it had earlier targeted.
Staples today reported second-quarter earnings per share of 18 cents, lower than the 22 cents anticipated by analysts. Sales in the period ended July 28 were $5.5 billion, while analysts had anticipated revenue of $5.72 billion.