Staples first quarter profits unchanged

FRAMINGHAM, Mass. (Bloomberg) — Staples Inc. said fiscal first-quarter profit
was almost unchanged and it will open fewer stores this year as the second-largest
U.S. office- supplies retailer tries to control costs in the slowing economy.
Net income was $39.5 million, compared with profit from operations of $39.9 million
a year earlier. Sales in the quarter ended May 5 rose 4.4 percent to $2.67 billion,
the company said. Sales at stores open at least a year fell 2 percent. As the
economy has slowed, office-supplies chains including industry leader Office Depot
Inc. and No. 3 OfficeMax Inc. have closed stores. Staples said it will open 100
stores in the U.S. this year, 10 fewer than previously planned.