Staples’ (SPLS) First-Quarter Profit Up 32%

Staples, Inc. SPLS reported a 32% increase in its first-quarter profit. The company reported a profit of $188.8 million, or $0.26 per share in its first-quarter, compared with a profit of $143 million, or $0.20 per share reported for the same period last year. Excluding one-time items, the company reported a profit of $0.28 per share, up from $0.22 per share reported last year. Revenue increased 4% to $6.1 billion in the quarter Gross margin improved 50 basis points to 26.7%.