Staples Surpasses Office Depot in Sales
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Staples Inc. posted a 76% jump in fourth-quarter earnings as it surpassed Office Depot Inc. as the world’s largest office supply retailer.
Net income rose to $164.7 million, or 35 cents a share, from $93.8 million, or 20 cents, a year earlier, Staples said. Sales, helped by two acquisitions, climbed 14% to $3.34 billion in the quarter ended Feb. 1.
Shares of Framingham, Mass.-based Staples climbed $1.05 to $17.65 on Nasdaq. Office Depot of Delray Beach, Fla., fell 26 cents to $11.02 on the NYSE.
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