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Persistent weakness at Staples reflects lingering economic challenges
A 3% same store sales decline at Staples North American retail units contributed to weaker than expected second quarter results and prompted the company to reduce its full year financial forecast.
Total company sales for the quarter ended August 3, declined 2% to $5.3 billion with the closure of 103 stores in North America and Europe responsible for about half the decline. Profits for the period declined to $104 million, or 16 cents a share, two cents worse than analysts forecast, compared to $125 million, or 19 cents a share the prior year.
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Lowe's Q2 income rises
Mooresville, N.C. -- Lowe’s second-quarter net income rose 26%, boosted by strong demand for its product.
For the period ended Aug. 2, Lowe’s earned $941 million, up from $747 million a year ago.
“Home improvement demand was strong during the quarter,” said Lowe’s CEO Robert Niblock. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”