Falling Comps Don't Faze Staples Execs

FRAMINGHAM, MA-Staples executives do not have a negative outlook on their company’s near-term financial results, despite a 3% same-store sales decline during its third quarter. The retailer was slowed down during the period, which ended Nov. 3, by lagging sales in furniture and computers.

Management also doesn’t seem overly concerned about increased competition over the holiday season. “We make most of the money in Q4 in January, so we don’t get too carried away with this last weekend,” said president and COO Michael Miles during a conference call, referring to the Thanksgiving weekend.

Total third-quarter sales rose 9%, hitting $5.2 billion, while net income fell 5%, to $275 million. Stores that experienced lagging sales regionally, due in part to problems in the housing market, were in the Southeast and West Coast.