Staples Announces Second Quarter Performance, Growth in Promotional Products Sales

Staples, Framingham, Mass., announced the results for its second quarter ending July 30. The company's total sales reached $4.8 billion, which is a decrease of four percent compared with the same period last year, but saw growth in sales of facilities supplies, promotional products and break room supplies.

Staples experienced a major shakeup following the federal court's decision to block its proposed merger with Office Depot, which resulted in its then-CEO, Ron Sargent, leaving the company. Now, Shira Goodman, Staples' interim CEO, is at the helm and hopes to see more growth.

"I'd like to thank the entire Staples team for remaining focused and delivering results that were right in line with our expectations during a quarter that included the launch of a new strategic plan and a change in leadership," Goodman said in a press release. "We are dramatically changing our mindset and operating model as we execute our 20/20 strategy and reposition Staples for sustainable, long-term sales and earnings growth."

Going forward, however, the company announced that it expects sales to decrease in the third quarter year-over-year, while it handles restructuring related to its European operations and its $340 million in charges associated to the failed Office Depot acquisition. It also announced that it plans to close at least 50 retail stores in North America this year.

For more information on Staples, visit www.staples.com.