Staples Announces Third Quarter Results
Staples Inc., Framingham, Mass., parent company of Staples Promotional Products, recently announced results for its third quarter ended Nov. 1, 2014. Total company sales were $6 billion, a decrease of 2 percent compared to the third quarter of 2013. Excluding the impact of store closures, total sales were up 0.5 percent, while North American commercial sales grew 3 percent.
"We're building momentum as we reinvent Staples," said Ron Sargent, Staples' chairman and CEO. "During the third quarter, we accelerated growth in our delivery businesses, gained traction in categories beyond office supplies, and changed the way we work to drive cost savings."
While Staples did not release exact numbers, Sargent said in a conference call Wednesday that the company saw double-digit growth in several categories, including print and promotional products. "Sales in categories beyond office supplies now represent more than 40 percent of our mix in North American commercial, or about $3.5 million annually," he noted.
The company also announced plans to close a total of 170 stores this year, up from its initial projection of 140.