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Staples profit falls 44 percent on stronger dollar, store closures

May 20, 2014

By Savio D’Souza and Siddharth Cavale; Bangalore

(Reuters) – Office supply retailer Staples Inc <SPLS.O> reported a 44 percent fall in quarterly profit, hurt by a stronger U.S. dollar and store closures.

The company’s net income fell to $96 million, or 15 cents per share, in the first quarter ended May 3 from $170 million, or 26 cents per share, a year earlier.

Staples took a $46 million pre-tax charge related to closing 16 stores in the quarter and its plan to close about 80 stores in the current quarter.

Sales fell nearly 3 percent to $5.65 billion in the latest quarter.

(Reporting by Siddharth Cavale in Bangalore; Editing by Savio D’Souza)

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