Staples Profit Up 40%, Warns On Tax Rate

LONDON -- Office-products retailer Staples Inc. on Thursday said second-quarter net income rose to $129.8 million, or 18 cents a share, from $92.4 million, or 13 cents a share, in the same period a year ago. Adjusted earnings, which exclude a $22 million pre-tax integration and restructuring expense, were 20 cents a share, Staples said. A survey of analysts by FactSet Research produced a consensus forecast of 20 cents. Sales were flat at $5.5 billion. The company said it no longer expects Congress to extend provisions that allow companies to defer income tax on certain foreign earnings. Staples said