Staples's Profit Drops 72% on Restructuring Charges

Staples Inc.'s quarterly net profit sank 72 percent as the office-supply giant was hit by a slew of charges related to its recent restructuring and store-closure efforts.

However, stripping out one-time items, core earnings strengthened. Staples also saw its top line benefit from an extra week during the quarter compared with the year-ago period.

Staples's earnings announcement comes after rivals Office Depot Inc. agreed to merge with OfficeMax Inc. The deal creates a retailer with $18 billion in sales and combines two companies battling the effects of too many stores, an increasingly digitized office, and greater online competition.