Staples on Tuesday said that total first quarter sales fell 5% year over year to $4.1 billion, missing analyst expectations cited by The Street for $4.46 billion. The company reported non-GAAP net income from continuing operations in the period was $113 million, or 17 cents per diluted share, meeting expectations.
Same-store sales in the quarter fell 2.6%, where declines in office supplies and ink and toner, were partially offset by growth in facilities supplies, break room supplie, and technology solutions, according to a company press release. That beat FactSet analyst estimates for a 4.1% decline cited by MarketWatch. In North America, same-store sales dropped 6% in the quarter.
