May 22, 2001, 12:00 AM sales rocket 182% in Q1

Sales at grew 182% to $213 million in the first quarter vs. the first quarter of last year. The operation is profitable, the company says.

Kurt Peters

Executive Editor

Sales at grew 182% to $213 million in the first quarter vs. the first quarter of last year, Staples Inc. reported today. Web sales in the first quarter accounted for nearly 8% of Staples’ total sales of $2.7 billion for the first quarter. Overall sales were up 4% from $2.6 billion in the same period last year. The company said that for the first time, achieved an operating profit, before corporate allocated general and administrative expenses.

Comparable-store sales for the quarter increased 1% overall and were down 2% for the retail business. The company recorded net income for the quarter of $40 million, unchanged from the same period last year.

In its North American retail business, Staples announced that it further reduced U.S. store expansion plans for the year. The company now expects to add 100 stores in the U.S., 10 fewer than previously planned.



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