FRAMINGHAM, Mass.—Staples says its profit fell 33 percent in the first quarter as higher operating expenses and one-time costs more than outweighed the benefit of a new supply chain business.
The world’s largest office supply chain earned $143 million, or 20 cents per share, down from $212.3 million, or 30 cents per share, at the same time last year.
The retailer’s profit in the latest quarter was 22 cents per share excluding one-time items. Analysts projected income of 21 cents per share.
Sales grew 19 percent to $5.82 billion.
Framingham, Mass.-based Staples Inc. has seen its sales rise in the past year due to its acquisition of Dutch office supply chain Corporate Express NV last summer.
Corporate Express has its U.S. headquarters in Broomfield, Colo.
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