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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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TJX grows net income during Q1; misses on sales
Framingham, Mass. – The TJX Cos. Inc. increased both net income and sales during the first quarter of fiscal 2015 on a year-over-year basis, although sales missed analyst projections. Net income grew slightly to $454.32 million from $452.89 million, while net sales increased 5% to $6.49 billion from $6.19 billion.
Analysts had expected net sales of $6.6 billion. Same-store sales remained flat. Carol Meyrowitz, CEO of TJX, blamed soft apparel sales for the miss on expected net sales.