The Office Times

Staples reports 3% drop in sales

Staples announced that its sales were down 3% for the the first quarter of 2014 compared to the same period in 2013. Sales of $5.7 billion were negatively impacted by approximately one percent due to changes in foreign exchange rates and store closures in North America during the 12 months preceding the first quarter of 2014.

“We’re making progress meeting the changing needs of our customers as we reinvent Staples,” said Ron Sargent, Staples’ chairman and chief executive officer. “Despite a slow start to the first quarter, our results were in line with our expectations and we expect to build momentum throughout 2014.”

Back in March Staples announced that it would close up to 225 stores by the end of next year. During the first quarter of 2014, it closed 16 stores in North America and plans to close about 80 stores during the second quarter.

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