Staples Beats Estimates (SPLS)

Staples, Inc. SPLS announced on Thursday morning that it beat consensus Wall Street estimates. Staples, Inc reported that its 3rd quarter net income rose to $288.7 million, or 40 cents per share, up from $269.4 million, or 8 cents per share, a year earlier. Excluding special items, the company's earnings came in at 41 cents per share. The company's revenues rose slightly to $6.54 billion, up from $6.52 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 40 cents per share, on revenue of $6.53 billion. Chairman and chief executive officer Ron Sargent said, “Our growth initiatives in North America continue to gain traction, and we're making great progress improving the profitability of our International business. Our strong financial performance reflects solid execution as we invest to drive long term growth.” The company forecast full-year 2010 earnings, on a GAAP basis, in the range of $1.22 to $1.24 per share. Staples, Inc. (SPLS) closed the previous trading day at $20.08 per share. Analysts covering the company's stock give it a consensus price target of $24.71 per share. Read more from Benzinga's Company news.