X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FRAMINGHAM, MA-Despite a second year of declining comp-store sales Staples remains on track with its 2008 expansion plans, executives said at the company’s second quarter conference call.

The company will open approximately 100 stores in North America this year, in line with original projections. During the quarter, the company also opened three stores in Portugal and its first unit in South America, in Argentina.

“We are maintaining our strong pace of new store openings,” said Michael A. Miles, Jr., president and COO.

During the last quarter, the company finalized its acquisition of Corporate Express. Integration is proceeding well, the company said.

For the quarter, total company sales were $5.1 billion, up 18% from the second quarter of 2007. Net income was $150 million, a 16% drop. North American comparable store sales declined 7%. Comparable store sales in Europe also declined 7%.

At the end of the quarter, Staples operated 1,802 stores in North America, 337 stores in Europe, 31 stores in China, and one store in Argentina.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.