Customer traffic across Staples’ businesses in the US continues to grow despite weakened consumer spending and the fall out from the attacks of 11 September. According to the latest financial reports from America’s second largest office supply retailer there has been an 8% rise in fiscal third quarter profits because of increased store efficiencies and cost cutting.
The company says it expects fourth quarter earnings in line with Wall Street’s current estimates, but says it will scale back new store openings in 2002 to focus on profitable growth. Chief executive Thomas Stemberg says the company is clearly improving and is back on track to deliver sustained earnings growth.
23-Nov-2001
