Staples 4Q hit by charges, adj. results top Street

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Associated Press

Posted on March 6, 2013 at 6:02 AM

FRAMINGHAM, Mass. (AP) — Staples' fiscal fourth-quarter net income dropped 78 percent, dragged down by charges related to store closings and other matters. Its adjusted results topped Wall Street's view, but its forecast for 2013 was below analysts' estimates.

The office supplies company also announced Wednesday that it is increasing its quarterly dividend by 9 percent.

For the period ended Feb. 2, Staples Inc. earned $78.1 million, or 12 cents per share. That's down from $283.6 million, or 41 cents per share, a year earlier.

Excluding charges tied to stores closings and other items, earnings from continuing operations came to 46 cents per share. Analysts expected 45 cents per share.

Revenue for the Framingham, Mass., company rose 3 percent to $6.57 billion from $6.37 billion, helped by an extra week in the period. Wall Street forecast $6.71 billion.

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