FILE – A Staples office supply store is photographed in this Nov. 15, 2011 file photo taken in Miami. The office products company also announced Wednesday March 6, 2013 that it is increasing its quarterly dividend by 9 percent. (AP Photo/ Lynne Sladky, File)
NEW YORK (AP) — Costs related to Staples turnaround plan helped drive down the office supplier’s fourth-quarter net income by 72 percent. Its quarterly revenue and financial outlook for the year missed Wall Street’s expectations.
Its shares fell more than 7 percent Wednesday.
Staples, which has 1,547 stores in the U.S. and 339 stores in Canada, is the largest office supply retailer, a sector hit hard by the recession and slow to recover.
Its earnings report comes two weeks after Office Depot Inc. and OfficeMax said they would combine to better compete against their larger rival as well as Internet retailers like Amazon.com and discounters such as Wal-Mart Stores Inc.
Last year Staples launched a strategic plan that includes investing more in its online and mobile efforts, adding more products beyond office supplies, and Login to read more