Staples, Inc., yesterday said first-quarter profit more than doubled as it cut costs, rolled out open-access stores and tried to boost sales of profitable items like photo printing paper and inks.
The Framingham, Mass.-based company, said net income was $94 million, or 20 cents a share, in the quarter ended May 4. That number compares with $39.5 million, or 9 cents per share, a year ago.
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The company, which only ranks behind Office Depot Inc. in its industry, earned $65 million, or 14 per share, in the latest quarter, excluding a one-time tax benefit related to the 2000 fourth-quarter asset-impairment charge for Staples Communications.
Staples said first-quarter sales rose 3 percent to $2.74 billion from $2.67 billion, while sales at stores open at least a year — or same-store sales — were flat.
