Staples profit edges up in Q1, cuts forecast

Framingham, Mass. – Staples reported Wednesday that first-quarter profit rose 5% to $198.2 million, compared with $188.8 million a year earlier. Results were boosted by overseas strength and increased buying by small businesses in North America. But results were softer than expected, and the company cut its full-year earnings guidance. Its earnings outlook for the second quarter and the year are below Wall Street estimates. Revenue rose 2% to $6.18 billion, from $6.06 billion a year ago. Same-store sales slipped 1%. International revenue climbed 4%, while North American retail revenue edged up 1%. "Our first quarter results show that