UPDATE: Staples Reports 36% Surge In Q2 Profit

Staples Inc SPLS reported a 36% rise in its fiscal second-quarter profit. Staples' quarterly profit surged to $176.4 million, or $0.25 per share, from $129.8 million, or $0.18 per share, in the year-ago period. Its sales climbed 5.2% to $5.82 billion. Excluding a $21 million tax refund, Staples' adjusted earnings came in at $0.22 per share. However, analysts were expecting earnings of $0.20 per share on sales of $5.64 billion. For the fiscal year, Staples projects adjusted earnings of $1.39 to $1.45 per share, versus analysts' estimates of $1.36 per share. Staples shares dropped 0.49% to $14.15 in after-hours trading.