Staples’ Q3 sees profit soar

16 November 2004 – Framingham (MA): Staples has reported a strong Q3, with year-over-year profit up 26 per cent on the back of increased customer traffic and a strong back-to-school shopping season, the company said.

Net profit soared to $208.9 million, or EPS of $0.41, from $165.8 million, or EPS of $0.33 in the Q3 of 2003.

Sales were up 12 per cent to $3.83 billion from $3.43 billion last year.

Staples president/CEO Ron Sargent said: "Staples’ customers are responding positively to our strong execution and easy shopping experience, resulting in rapid market share gains. Our team remains focused on improving customer service, differentiating our brand and investing in profitable growth to expand our market leadership."

Looking to its Q4, the retail giant is expecting an EPS of $0.50, in line with analyst estimates.