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Staples Continuing Expansion Plan

FRAMINGHAM, MA-Coming out of a solid quarter, Staples may add as many as 50 stores in North America in 2010.

By Ryan Clark | Updated on December 01, 2009

FRAMINGHAM, MA-The office supply juggernaut, Staples, Inc., saw sales decrease 6% YOY for the third quarter ending Oct. 31, 2009. Net income attributed to Staples, on a GAAP basis, rose 72% YOY to $269 million, while diluted earnings per share rose 68% to $0.37, according to the Q3 Earnings Report.

“With North American Retail growing again, improving trends in our catalog businesses, solid profitability in our European office products portfolio, and record free cash flow, we’re increasingly optimistic about the future, said Ron Sargent, chairm and CEO of Staples in a statement.

A highlight of the quarter is the integration of Corporate Express, which was acquired in July of 2008. The company cites that it reduced debt by $400 million during Q3 of this year and $1.9 billion since Corporate Express’ acquisition. The company anticipates finishing out the rest of the year fulfilling legacy orders for Corporate Express, while integrating new Staples orders.

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