Staples Q4 Sales Up But Net Income Falls

 

Companywide fourth-quarter net sales at Staples were up slightly, but the office superstore’s net income was down double-digits.

Net sales for the quarter ended January 30 were $6.4 billion, up from sales of $6.2 billion for the comparable quarter the previous year. Net income for the quarter was $233.9 million a drop of 18% from net income of $286 million for the comparable quarter the previous year.

Sales in the company’s North American Retail division were $2.6 billion, an increase of 8%. Fourth-quarter 2009 comparable store sales increased 3% when compared to the fourth quarter of 2008, reflecting positive customer traffic and strength in sales of computers and ink and toner, the company said. Categories such as furniture and business machines continued to be soft.

For the year, total company sales were $24.3 billion, up from sales of $23.1 billion for the previous year. Net income for the year was $738.7 million, down from net income of $805.3 million for the previous year.