Management also doesn't seem overly concerned about increased competition over the holiday season. "We make most of the money in Q4 in January, so we don't get too carried away with this last weekend," said president and COO Michael Miles during a conference call, referring to the Thanksgiving weekend.
Total third-quarter sales rose 9%, hitting $5.2 billion, while net income fell 5%, to $275 million. Stores that experienced lagging sales regionally, due in part to problems in the housing market, were in the Southeast and West Coast.
Staples plans 100 new stores next year, down from the 120 it is opening this year. About 10% to 15% of the units will be in new markets. It currently operates 1,715 locations in North America.
Additionally, a small percentage of the new-store growth will come in the form of stand-alone copy-services units Staples is testing. So far the company operates three of those units in the Boston area and recently opened its first in New York City, at 38th Street and Madison Avenue in Manhattan.
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