Staples Up 3.4% On Earnings Beat (SPLS)

Shares of Staples, Inc. SPLS are trading up 3.4% at $20.77 per share during the Thursday afternoon trading session. The day's trading range for shares of Staples, Inc has been between $20.16 and $20.88 per share. Analysts covering the company's stock give it a consensus price target of $24.71 per share. Volume of 5.3 million shares is still below the daily average volume of 8.1 million shares. Staples, Inc. (SPLS) announced on Thursday morning that it narrowly beat consensus Wall Street expectations. Staples, Inc announced 3rd quarter adjusted earnings per share of 41 cents, on revenue of $6.54 billion. 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. Staples, Inc forecast full-year 2010 earnings, on a GAAP basis, in the range of $1.22 to $1.24 per share. 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.” Read more from Benzinga's Company news.