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Staples meets Street with Q2 profit decline
Framingham, Mass. – Staples Inc. met Wall Street expectations with declining profit in the second quarter of fiscal 2015. Costs related to restructuring and the pending acquisition of Office Depot drove net income down 56% to $36 million, from $82 million in the second quarter of the previous fiscal year.
Net sales fell 5% to $4.94 billion, from $5.22 billion. North American store closures and unfavorable foreign exchange rates pushed sales totals downward. Same-store sales in North America (including online) fell 3%.