Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Staples' Profit Rises, Initiates Dividend, Names New Board Member
Mar 4, 2004
 Printable format
 Email this Article
 Search

Staples Inc., says its quarterly profit rose 29 percent, as small business customers boosted North American retail sales. The business-appliance and office-supply retailer has also named Gary Crittenden to its board. Mr. Crittenden is an executive vice president and CFO at the American Express Co.

The company's stock has risen more than 60 percent in the past year, and its sales at stores open at least a year continue to accelerate, allowing Staples to pull ahead of its chief competitor Office Depot Inc.

"We've re-dedicated ourselves to that small business customer. And that small business customer uses a lot of office supplies," said CEO Ron Sargent, speaking on CNBC.

Looking ahead, the company said it expects earnings per share in both the first quarter and the year to grow 20 percent, and revenues to grow 10 percent. Staples expects North American retail sales at stores open at least a year to increase in the low, single-digit range.

Mr. Sargent said the company plans to open 150 stores and that it is looking to hire, though not at the management level.

The company, which is based in Framingham, MA, U.S., said net income was U.S. $211.8 million, or $0.42 per share, compared with $165 million, or $0.35 per share, a year earlier.

Analysts on average expected earnings of $0.41 per share, according to Reuters Research.

Staples also has initiated a first-ever annual cash dividend of $0.20 per share, payable on May 17, 2004. The company also said it is authorized to repurchase up to $1 billion of common stock in the next tw2o years, and expects to buy back about $400 million in the current year.

Sales during the quarter grew 10 percent to $3.7 billion. North American retail sales at stores open at least a year grew 4 percent.
Staples owns 1,500 stores in North America and Europe. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Nov 26, 2014: Hamilton Beach 3Q income down slightly

Nov 26, 2014: LG's sales of Inverter Linear Compressor refrigerators top 10 million

Nov 25, 2014: Robotics Exhibits Grow 25% at 2015 CES

Nov 25, 2014: Index shows HVAC/R contractors more positive than last year

Nov 25, 2014: Consumer Confidence Index Declines

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows