Staples forecasts fall in takings

Staples yesterday forecast a fall in sales in the current quarter as customers shift to e-retailers, mass merchants and drugstores to buy their office supplies. Shares of the largest US office supply retailer fell as much as 11 per cent in morning trading, after the company reported its fifth straight fall in quarterly sales. First-quarter sales fell nearly three per cent to $5.65bn (£3.35bn). Net income for the period fell 44 per cent to $96m.