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.

Continue reading Staples rises despite profit slip, Joy Global tumbles on profit surge

Staples rises despite profit slip, Joy Global tumbles on profit surge originally appeared on BloggingStocks on Wed, 03 Sep 2008 17:45:00 EST. Please see our terms for use of feeds.