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Falling sales cause Staples earnings to tumble
Framingham, Mass. – Staples Inc. attributed a 44% drop in net earnings during the first quarter of fiscal 2014 to lower sales caused by store closures and a rise in the value of the dollar. Net earnings of $96 million were 44% below net earnings of $170 million reported a year earlier.
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Urban Outfitters misses on Q1 net income, sales
Philadelphia – Urban Outfitters saw its net income decline 20% to $37.08 million in the first quarter of fiscal 2015, from $47.06 million in the first quarter of the previous fiscal year. This significant net income drop came despite a 6% jump in total net sales to $686.3 million, from $648.2 million.
Net income and sales totals both came in below Wall Street expectations. Total same-store sales remained flat. Higher marketing expenses, which helped boost net sales, contributed to the decline in net income.
