Office supply company Staples (NASDAQ:SPLS) announced that net income dropped to $78.1 million, or 12 cents per share, for the fourth quarter, down from $283.6 million, or 41 cents per share, in the same period last year. Excluding items, the company earned 46 cents per share, being estimates by $0.01 per share. Sales increased by three percent to $6.56 billion, but were below estimates of $6.72 billion. The company forecast earnings of $1.30 to $1.35 for the full year, below estimates of $1.43 per share. The company also raised the quarterly dividend by nine percent to 12 cents per share.
Shares are lower in early trading.
Last month, rivals Office Depot Inc (NYSE:ODP) and OfficeMax Inc (NYSE:OMX) announced a merger deal worth $976 million.
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