Staples Q1 income surges 32%

Framingham, Mass. Staples' first-quarter net income climbed 32% on strong sales around the globe. The chain also lifted the low end of its full-year profit outlook Thursday. It said its outlook anticipates a "modest" economic recovery for the year.

For the three months that ended on May 1, earnings were $188.8 million, compared with net income of $143 million during the same period last year. Revenue rose 4% to $6.06 billion, from $5.82 billion, meeting Wall Street's forecast.

“Our first-quarter performance was strong across the board. With sales and profit improvement in all three of our businesses, the year is off to a good start," chairman and CEO Ron Sargent said in a statement.

Net Both North American retail and international revenue climbed 6%, adjusted for currency fluctuations. North American retail sales make up about 40% of Staples' revenue.

Same-store sales at North American stores edged up 1% as better traffic was somewhat offset by lower average order size. Same-store sales at European stores were down 5%.