Staples earnings surge in Q3

Investor's Business Daily

The largest U.S. office supply chain said net climbed 10.4% to $3.62 a share, 1 cent above estimates, as cost-cutting measures took effect amid broad restructuring. Sales eased 3.3% to $6.35 bil, beating forecasts. Staples (SPLS) expects full-year profit to grow at a single-digit pace vs. Wall Street's outlook for a loss. It expects '12 sales to be flat , echoing earlier concerns by department stores Kohl's (KSS) and Macy's (NYSE:M)that the holidays could be weak. Staples rose 2.6% to 11.55.

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