While Staples Inc. is weathering the economic downturn better than rival Office Depot, the world's largest office products supplier sees no quick turnaround from sagging U.S. customer demand.
The chain of more than 2,000 stores and 76,000 employees reported sales of $19.4 billion for 2007, a seven percent increase compared to 2006. Full year North American Retail sales rose one percent and North American Delivery revenues increased 12 percent. International sales rose 16 percent in US dollars and grew seven percent in local currency.
Net profit increased to $996 million versus $974 million last year
“We are pleased to deliver profitable growth in what turned out to be a challenging
2007,” said Ron Sargent, Staples’ chairman and chief executive officer. “We have a
strong team dedicated to doing the right things for customers while investing in growth
ideas.”