Staples, Inc., with its worldwide corporate headquarters in Framingham, announced today, May 20 results for its first quarter.
Total company sales for the first quarter of 2014 were $5.7 billion, a decrease of three percent compared to the first quarter of 2013.
First quarter 2014 total company sales growth was negatively impacted by approximately one percent due to changes in foreign exchange rates and store closures in North America during the 12 months preceding the first quarter of 2014.
“We’re making progress meeting the changing needs of our customers as we reinvent Staples,” said Ron Sargent, Staples’ chairman and chief executive officer in a press release. “Despite a slow start to the first quarter, our results were in line with our expectations and we expect to build momentum throughout 2014.”
First Quarter 2014 Highlights
Increased marketing investment in “Make More Happen” brand campaign drove customer awareness that Staples offers products beyond office supplies.
Grew sales in North American Commercial one percent year over year.
Achieved Staples.com sales growth of six percent in local currency driven by increased conversion on the company’s desktop and mobile websites, as well as its expanded assortment beyond office supplies.
Grew copy and print same store sales in the high single digits in North America, and grew copy and print online sales in the double digits.
Re-merchandised over 600 stores in the U.S. with an expanded offering of categories beyond office supplies.
Secured approximately $100 million of annualized cost savings as part of a two-year plan to eliminate approximately $500 million of annualized costs.
Closed 16 stores in North America during the first quarter and finalized plans to close approximately 80 stores in North America during the second quarter.