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Which Credit Card Rewards Does the IRS Care About?While less foot traffic and lower sales dragged down Staples Inc.'s (NASDAQ: SPLS) second-quarter profit, mining equipment maker Joy Global Inc.'s (NASDAQ: JOYG) fiscal third-quarter profit soared on strong demand for its products and services.
Staples, the world's largest office supply company, reported Wednesday that it earned $150.2 million, or 21 cents per share, down 16% from its year-ago profit. Sales jumped 18% to $5.07 billion, though same-store sales fell 7% in North America. Results were boosted by the acquisition of Dutch supply chain Corporate Express NV.
Analysts polled by Thomson Reuters had expected a profit of 21 cents per share on revenue of $4.69 billion.
Because of the slowing economy, the Framingham, Mass.-based company also forecast low single-digit earnings per share growth for the full year
Staples shares rose 41 cents, or 1.7%, Wednesday to $25.18. Shares are up 9.2% year to date.
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