Staples hit by poor Europe sales

US office supply retailer Staples yesterday reported weaker-than-expected quarterly results due to poor sales in Europe. European sales fell six per cent in stores open at least a year. Net earnings fell to $102.5m (£64.9m), or 16 cents a share in the second quarter that ended 3 August from $120.4m, or 18 cents a share a year earlier. Staples forecast earnings of $1.21 to $1.25 a share for this year, down from its May outlook of $1.30 to $1.35 a share.