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Hmm, do ya think a company that sells office supplies has a pretty good read on this economy?Thought so.
Hence, you should pay attention to the latest earnings from Staples, which just reported a 1% same-store comp sales declines.
On the whole the company missed its expectations, and says this:
The company’s results for the first quarter were weaker than expected. As a result, the company is adopting a more conservative sales and earnings outlook. Current expectations for 2011 assume very little improvement in the economy, continued investment in our growth initiatives and competitive pricing in the Contract market. These sales initiatives, combined with our ongoing focus on expense control, are expected to strengthen our results over time.