Business
    Next Score View the next score

    Staples quarterly profit plunges 72 percent

    Framingham-based Staples is the top office supply retailer. Smaller rivals Office Depot and OfficeMax plan to merge.
    Associated Press/File 2011
    Framingham-based Staples is the top office supply retailer. Smaller rivals Office Depot and OfficeMax plan to merge.

    Costs related to Staples Inc.’s turnaround plan helped drive down quarterly net income by 72 percent to $78.1 million, or 12 cents per share. The plan includes investing more in online and mobile efforts and adding products beyond office supplies. Staples lost $210.7 million, or 31 cents per share, for the full year. It anticipates 2013 earnings between $1.30 and $1.35. Analysts expect $1.44. Staples also said it is increasing its quarterly dividend to 12 cents per share from 11 cents.

    Advertisement