Retail in Asia

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Staples announces 1Q10 results

Staples Inc., the world’s largest office-supply store, with over 2,000 stores in 27 countries, has announced the results for its first quarter ended 1 May 2010. Total sales for 1Q10 increased 4 percent to USD6.1 billion compared to the first quarter of 2009. Net income increased 32 percent year on year to USD189 million.

"Our first-quarter performance was strong across the board," said chairman and CEO Ron Sargent. "With sales and profit improvement in all three of our businesses, the year is off to a good start."

International sales for the first quarter of 2010 were USD1.3 billion, an increase of 6 percent in US dollars, and a decrease of 4 percent in local currency compared to the first quarter of 2009. European retail closed 3 stores during the quarter. The international business ended the quarter with 369 stores.