BUSINESS BRIEFING / RETAILING
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TIMES WIRE REPORTS
Staples Inc. said first-quarter profit fell 33% as companies bought fewer desks and computers.
Net income dropped to $143 million, or 20 cents a share, from $212.3 million, or 30 cents, a year earlier, the Framingham, Mass., company said. Sales rose 19% to $5.82 billion, boosted by the acquisition of Dutch office-supply distributor Corporate Express in August.
Staples shares fell 46 cents, or 2.3%, to $19.93.
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