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Office supply chain Staples Inc.'s sales fell less in the second quarter than earlier this year, but the company said Tuesday that its profit dropped 39 percent, mainly because of its acquisition of Dutch chain Corporate Express.
As office supply retailer Staples Inc.'s profit fell in 2008, CEO Ronald L. Sargent's compensation fell 58 percent to $12.6 million, less than half of what he received the year before, according to Associated Press calculations based on a regulatory filing on Monday.
Slowing sales, falling foot traffic in North American stores and penny-pinching customers combined to drag down Staples Inc.'s second-quarter profit by 16 percent, but a massive acquisition helped the office-supply chain top revenue expectations.
Staples Inc.'s four-month campaign to acquire Corporate Express NV finally yielded an agreement Wednesday, a $2.7 billion deal that Staples hopes will put further distance between itself and U.S. rivals Office Depot and OfficeMax. Its two rivals combined would be smaller than Staples once the deal closes.
While Staples Inc. is weathering the economic downturn better than rival Office Depot Inc., the world's largest office products supplier sees no quick turnaround from sagging U.S. customer demand.
Staples Inc.'s third-quarter profit dipped 5 percent as consumers spent less on office supplies, but sales of highly profitable items like ink cartridges grew, and Staples' performance beat Wall Street expectations.
Heat star Dwyane Wade greets contest winners at Pompano Beach park"POMPANO BEACH - Thousands of community members showed up sweaty and screaming to get Dwyane Wade's attention Monday afternoon at Mitchell/Moore Park.
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