Staples disappoints Wall Street

US stationery group Staples slashed its full-year forecast and said it would open fewer stores than it had planned after its quarterly results missed Wall Street estimates yesterday. The company said it sees full-year net earnings of $1.35 to $1.45 a share, down from its prior view of $1.50 to $1.60. Staples’ net profit rose to $198.2m (£174.7m) in the first-quarter ended on 30 April from $188.8m a year earlier.