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Office-supplies giant Staples reported that fourth-quarter profit dropped 1 percent; the company cut its annual forecast.
U.S. and Canadian stores open at least a year saw sales drop 6 percent. The office-supplies market, according to Bloomberg, is feeling the pinch as its customers brave a declining job market and the worst housing slump in 25 years.
North American retail sales represent Staples’ biggest division, and the company experienced a “significant”’ decline in spending in December, according to the retailer. Revenue at the unit that sells office supplies directly to North American companies increased 3.6 percent to $1.72 billion. International sales rose 13 percent, aided by the dollar’s decline.
Net income declined to $333.2 million, or 47 cents a share. Revenue for the three months that ended February 2 rose less than 1 percent to $5.32 billion, missing analysts’ projections. The retailer dropped its full-year forecast to about $1.52 to $1.55 a share from roughly $1.60.
“Staples, as good an operator as they are, they’re not immune to the weakness in the economy,” said Walter Todd, who helps manage $800 million for Greenwood Capital Associates LLC in Greenwood, South Carolina.
Last month, Staples made an unsolicited offer to buy Corporate Express NV, the world’s biggest distributor of office supplies, for 1.33 billion euros ($2.02 billion). The offer was rejected as too low.
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