Staples Inc. (SPLS) Profit Falls
Staples Inc.'s third-quarter profit dipped 5 percent as consumers spent less on office supplies, but sales of highly profitable items like ink cartridges grew and Staples' performance beat Wall Street expectations.
Investors sent shares of the world's largest office products supplier up about 9 percent in morning trading, a week after rival Office Depot Inc. saw its shares drop 6 percent when its third-quarter numbers fell.
Office Depot's recent problems helped trigger a 16 percent decline in Staples' shares over the past four weeks, and Staples' stronger results Tuesday topped investors' low expectations, said Anthony Chukumba, an analyst with FTN Midwest Securities.
Investors sent shares of the world's largest office products supplier up about 9 percent in morning trading, a week after rival Office Depot Inc. saw its shares drop 6 percent when its third-quarter numbers fell.
Office Depot's recent problems helped trigger a 16 percent decline in Staples' shares over the past four weeks, and Staples' stronger results Tuesday topped investors' low expectations, said Anthony Chukumba, an analyst with FTN Midwest Securities.
Labels: SPLS, Staples Inc.
posted by Stock Administrator @ 12:25 PM
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