UPDATE: Staples Posts Downbeat Q2 Earnings

Staples SPLS reported weaker-than-expected second-quarter earnings. Staples's quarterly profit dropped to $102.5 million, or $0.16 per share, from $120.4 million, or $0.18 per share, in the year-earlier period. Its sales declined to $5.31 million from $5.43 million. However, analysts were expecting earnings of $0.18 per share. Staples projects 2013 earnings from continuing operations of $1.21 to $1.25 per share. Staples shares closed at $16.84 yesterday.