Staples' Retail Sales Drop, Promotional Division Remains Steady in Q1

The company's first-quarter sales were $5.8 billion, a three-percent drop from the same period last year and slightly down from earlier projects of $5.9 billion. Earnings were $170 million, down from $193 million in 2012.

Staples attributed the sales and revenue drops to restructurings over the past year that saw the company close more than 60 stores and consolidate other business operations. The company's numbers were still an improvement over the quarter ended in March 2013, which saw profits drop 72 percent year-over-year due to the restructuring.